On March 1, Phonic Corporation had office supplies on hand of $1,000. During the month, Phonic purchased

Question:

On March 1, Phonic had office supplies on hand of $1,000. During the month, Phonic purchased additional supplies costing $500. Approximately $200 of unused office supplies remain on hand at the end of the month.
Prepare the necessary adjusting entry on March 31 to account for office supplies.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...