Question
Fun Spot purchased supplies for $5,000 on 12/1. As of 12/31, there were $2,000 of supplies remaining in inventory. What account is debited and what
Fun Spot purchased supplies for $5,000 on 12/1. As of 12/31, there were $2,000 of supplies remaining in inventory. What account is debited and what account is credited in the adjusting journal entry required on 12/31 before the financial statements are prepared? (Select ALL that apply) Group of answer choices
Debit Supplies Expense for $3,000
Credit Supplies Expense for $2,000
Debit Supplies Payable for $3,000
Credit Supplies Payable for $5,000
Debit Supplies for $2,000
Credit Supplies for $3,000
Debit Accounts Payable for $5,000
Credit Accounts Payable for $3,000
Debit Accounts Receivable for $5,000
Credit Accounts Receivable for $3,000
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