Bridge Company Keeps a Small Inventory of Supplies Used for Cleaning

question 69

Essay

Bridge Company keeps a small inventory of supplies used for cleaning and maintenance purposes. On January 1, 2014, the inventory of supplies on hand was $2,000. During the year, supplies purchased were debited to the supplies account in the amount of $6,500. On December 31, 2014, the amount of supplies in the storeroom was $1,750. The books are adjusted only at year-end.
Required:
Prepare the adjusting entry required at December 31, 2014.

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