Office supplies had a balance of $192 on January 1. During the year, $785 of office supplies were purchased on account. At the end of the year, $43 of supplies remained on hand.
a. prepare the journal entry required to record the purchase of supplies.
b. assuming annual adjstments, prepare the necessary adjusting journal entry on Dec. 31.
c indicate the amount that would appear on the balance sheet for supplies on Dec. 31.