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Yazici Advertising Inc. Inc. purchased supplies costing 2,500 on October 5. Yazici recorded the purchase by increasing (debiting) the asset Supplies. This account shows a
Yazici Advertising Inc. Inc. purchased supplies costing 2,500 on October 5. Yazici recorded the purchase by increasing (debiting) the asset Supplies. This account shows a balance of 2,500 in the October 31 trial balance. An inventory count at the close of business on October 31 reveals that 1,000 of supplies are still on hand. I have the correct answer for this which is supplies expense 1500(debit) / supplies 1500 (credit) but i want an explanation please
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