Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wikitekkee purchased supplies costing $4,000 and records the entire purchase as supplies expense on January 1, 2021. On December 31, 2021, the company have unused

Wikitekkee purchased supplies costing $4,000 and records the entire purchase as supplies expense on January 1, 2021. On December 31, 2021, the company have unused supplies of $2,000. Which one of the following would be recorded in the journal entry on December 31, 2021? A) Debit supplies expense $2,000. B) Debit supplies $2,000. C) Credit supplies expense $4,000. D) Debit supplies $4,000.

Step by Step Solution

3.35 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

The correct answer is B Debit supplies 2000 This entry refl... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: David Spiceland, Wayne M. Thomas, Don Herrmann

5th edition

1259914895, 978-1259914898

More Books

Students also viewed these Accounting questions