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  3. the supplies account for a company has a $1,000 de

The supplies account for a company has a $1,000 debit balance at the beginning of...

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Accounting

The supplies account for a company has a $1,000 debit balance at the beginning of the year. Supplies of $2,000 were purchased during the year and debited to the Supplies account. A December 31 physical count shows $500 of supplies remaining at the end of the year. Assume no other adjusting entries are made during the year. Using the 3-step process for creating adjusting entries, calculate the adjustment amount for supplies

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