Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The supplies account has a $3,000 beginning balance. After counting the supplies in the stock room it was determined that $1,000 in supplies are left.
The supplies account has a $3,000 beginning balance. After counting the supplies in the stock room it was determined that $1,000 in supplies are left. What is the adjusting entry?
Debit: supplies $2000, Credit: supplies expense $2000 | ||
Debit: supplies expense $1000, Credit: Supplies $1000 | ||
Debit: supplies $1000, Credit: supplies expense $1000 | ||
Debit: supplies expense $2000, Credit: Supplies $2000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started