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11. On December 12, Anna buys $1,000 worth of office supplies (paper clips, sticky notes, etc.). She buys the supplies on credit, with payment date
11. On December 12, Anna buys $1,000 worth of office supplies (paper clips, sticky notes, etc.). She buys the supplies on credit, with payment date being January 12. At the end of the quarter, she takes a physical count of the supplies and finds $800 of supplies on hand (that is, still unused). Payment has not been made yet. The journal entry on December 31 will include: no journal entry is needed until payment is made b. a debit to supplies of $800 a credit to supplies of $800 a credit to supplies of $200 a debit to supplies of $200 f. a debit to supplies expense of $800
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