Prepaid Expense At the beginning of the quarter, a company had $2,670 of supplies on hand. During the period, the company purchased $500 worth of supplies. At the end of the year, on December 31, the supplies on hand are $1,220.

a. How much of an adjustment should the company make to show the use of the supplies?
Supplies Expense, the purchase should also be shown in the account.

b. Record the journal entry to make the adjustment

Answer rating: 100% (QA)

a Adding 2670 and 500 shows the unadjusted balance 3... View the full answer