Leapfrog began the year with $22,000 in its Supplies account. During the year $64,500 in...

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Accounting

Leapfrog began the year with $22,000 in its Supplies account. During the year $64,500 in supplies were purchased and debited to the Supplies account. At year-end,supplies costing $24,500 remain on hand. Record the adjusting entry for supplies at its year-end of December 31.Leapfrog began the year with $22,000 in its Supplies account. During the year $64,500 in supplies were purchased and debited to the Supplies account. At year-end,supplies costing $24,500 remain on hand. Record the adjusting entry for supplies at its year-end of December 31.

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