Question
The supplies account had a balance of $1,000 at the beginning of the year; $500 of purchases were recorded to the supplies account during the
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The supplies account had a balance of $1,000 at the beginning of the year; $500 of purchases were recorded to the supplies account during the year; and a physical count of supplies revealed $800 of supplies remaining at the end of the year. What adjusting journal entry, if any, needs to be recorded at the end of the year? (select ONE)
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DR: Supplies $300; CR: Supplies Expense $300
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DR: Supplies $700; CR: Supplies Expense $700
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DR: Supplies Expense $700; CR: Supplies $700
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DR: Supplies Expense $300; CR: Supplies $300
The supplies account had a balance of $1,000 at the beginning of the year; $500 of purchases were recorded to the supplies account during the year; and a physical count of supplies revealed $800 of supplies remaining at the end of the year. What adjusting journal entry, if any, needs to be recorded at the end of the year? (select ONE)
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DR: Supplies $300; CR: Supplies Expense $300
-
DR: Supplies $700; CR: Supplies Expense $700
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DR: Supplies Expense $700; CR: Supplies $700
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DR: Supplies Expense $300; CR: Supplies $300
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
978-1119493631
