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1. A company buys $9,000 in supplies on December 11, Year One. On the last day of that year, only $1,000 of these supplies remains with the company. The company's year-end trial balance shows a Supplies account of $9,000. What adjusting entry is needed?
2. A company buys $9,000 in supplies on December 11, Year One. On the last day of that year, only $1,000 of these supplies remains with the company. The company's year-end trial balance shows a Supplies Expense account of $9,000. What adjusting entry is needed?
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