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On December 31, Winters Company received a $385 bill for the purchase of supplies in December that it will not pay for until February 2.
On December 31, Winters Company received a $385 bill for the purchase of supplies in December that it will not pay for until February 2. The adjusting entry needed on December 31 to accrue this cost is: Debit Supplies $385; credit Accounts Payable $385. Debit Accounts Payable $385, credit Supplies $385. Debit Accounts Payable $385; credit Cash $385. Debit Supplies Expense $385, credit Cash $385. Debit Supplies Expense $385; credit Supplies $385
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