Question
Waterway Company purchased supplies costing $4100 and debited Supplies for the full amount. At the end of the accounting period, physical count of supplies
Waterway Company purchased supplies costing $4100 and debited Supplies for the full amount. At the end of the accounting period, physical count of supplies revealed $1300 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be O debit Supplies Expense, $1300; credit Supplies, $1300 O debit Supplies Expense, $2800; credit Supplies, $2800. O debit Supplies, $2800; credit Supplies Expense, $2800. O debit Supplies, $1300; credit Supplies Expense, $1300.
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