Ask Question
25 August, 17:29

During a company's first year, the asset account, Office Supplies, was debited for $2,600 for the purchases of supplies. At year-end, office supplies on hand were counted and determined to be $975. The proper adjusting entry crediting supplies and debiting supplies expense will

+4
Answers (1)
  1. 25 August, 18:56
    0
    Supplies Expense 1625 Dr

    Supplies Account 1625 Cr

    Explanation:

    First, we need to determine the supplies expense for the period. The supplies expense can be calculated by deducting the year end supplies balance from the supplies account balance.

    The supplies expense = 2600 - 975 = $1625

    The adjusting entry that will be made at the end of the period is,

    Supplies Expense 1625 Dr

    Supplies Account 1625 Cr
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “During a company's first year, the asset account, Office Supplies, was debited for $2,600 for the purchases of supplies. At year-end, ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers