On June 1, Green Pea, Inc. purchased $1,200 worth of supplies on account. Prior to the purchase, the balance in the supplies account was $200. On December 31, the fiscal year-end for Green Pea, it is determined that $700 of supplies still remain. What is the amount to be recorded in the adjusting entry?

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The Answer of On June 1, Green Pea, Inc. purchased $1,200 worth of supplies on account. Prior to the purchase, the balance in the supplies account was $200. On December 31, the fiscal year-end for Green Pea, it is determined that $700 of supplies still remain. What is the amount to be recorded in the adjusting entry?