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Describe the adjusting entry needed for supplies at year-end

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Problem - Janice Jewelry Inc shows you the following excerpt from their financial statement at January 1, 2021:

Cash $12,000

Prepaids $6,000

Supplies $500

Short-term Investments $12,000

During the year 2021, the company journalized the purchase of office supplies for $5,500 and at year-end, physically counted all supplies on-hand and calculated a total value of $1,700. Describe the adjusting entry needed for supplies at year-end?

Reference no: EM132904564

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