The business starts the year (January 1) with $2,600 of supplies on hand. On August 12, the business purchased $12,200 of supplie Required Requirement 1.
Assume that the business records supply by initially debiting an asset account. a. Using the T-accounts for Supplies and Supplies Expense that have been opened, place the beginning balance in the Supplies account
b. Record the August 12 purchase of the asset in the Supplies account. c. Record the December 31 adjusting entry into the T-accounts without using a journal