Account for supplies expense. (LO 1, 3) Peter's Pizza started the month with ($ 500) worth of

Question:

Account for supplies expense. (LO 1, 3)

Peter's Pizza started the month with $\$ 500$ worth of supplies. During the month, Peter's Pizza purchased an additional $\$ 300$ worth of supplies. At the end of the month, $\$ 175$ worth of supplies remained unused. Give the amounts that would appear on the financial statements for the month for supplies expense and supplies on hand. Is this adjustment an accrual or deferral?

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