Juno Company had $500 of office supplies available at the beginning of the current year. During the year Juno Company purchased $2,750 worth of office supplies, which were debited to the office supplies account. On December 31 of this year, $375 worth of office supplies remained. a. Calculate the amount of Juno Company's office supplies expense for the current year. (Show your calculations.)b. Prepare the journal entry to adjust the supplies account.
What will be an ideal response?
| a. | Beginning Supplies | $ 500 |
| ? | +Purchases | 2,750 |
| ? | Available | $3,250 |
| ? | -Ending Supplies | 375 |
| ? | Supplies used | $2,875 |
b. 12/31 Office Supplies Expense ....................2,875
| Office Supplies .......................... | 2,875 |
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