At the beginning of the year, office supplies of $ 1 comma 200$1,200were on hand. During the year, Bolt Air Conditioning Service paid $ 3 comma 000$3,000for more office supplies. At the end of the year, Bolt has $ 200$200of office supplies on hand. Read the requirements
Requirement 1. Record the adjusting entry assuming that Bolt records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. Begin by recording the adjusting entry assuming that Bolt records office supplies by initially debiting an asset account. (Record debits first, then credits. Select the explanation on the last line of the journal entry.)