Sandra's Design Studio showed office supplies account showed a balance of $1,000. A count of the supplies left on hand as of June 30 was $700. The adjusting journal entry is:

Supplies Account

An account used to track the costs of small items or materials that are used in the operations of a business.

Adjusting Journal Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the correct period, ensuring the financial statements reflect accurate and up-to-date information.