marigold company purchase supplies cost in $6970 and debited supplies for the full amount. at the end of the accounting period, a physical count of supplies revealed $2070 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

Marigold Company purchased supplies costing $6970 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2070 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be Debit Supplies, $4900; Credit Supplies Expense, $4900. Debit Supplies Expense, $4900; Credit Supplies, $4900. Debit Supplies Expense, $2070; Credit Supplies, $2070. Debit Supplies, $2070; Credit Supplies Expense, $2070