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Ayayai Corp. purchased office supplies costing $6580 and debited Supplies for the full amount. At the end of the accounting period, a physical count of
Ayayai Corp. purchased office supplies costing $6580 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2350 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be:
debit Supplies Expense, $2350; credit Supplies, $2350. |
debit Supplies Expense, $4230; credit Supplies, $4230. |
debit Supplies, $4230; credit Supplies Expense, $4230. |
debit Supplies, $2350; credit Supplies Expense, $2350. |
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