During the its first year of operations, Petty & Co. purchased supplies costing $5,800, recording the cost in the Supplies account. At the end of the period, $3,000 worth of supplies were left. What adjusting entry must be recorded?

Multiple Choice

• Debit Supplies Expense and credit Supplies for $2,800

• Debit Cash and credit Supplies for $3,000

• Debit Supplies and credit Supplies Expense for $2,800

• Debit Supplies Expense and credit Supplies for $5,800