Sheridan Company purchased supplies costing $6990 and debited Supplies for the full amount At the end of
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Question:
Sheridan Company purchased supplies costing $6990 and debited Supplies for the full amount At the end of the accounting period, a physical count of supplies revealed $1950 still on hand The appropriate adjusting journal entry to be made at the end of the period would be
- Debit Supplies Expense, $1950; Credit Supplies, $1950.
- Debit Supplies, $5040; Credit Supplies Expense, $5040.
- Debit Supplies Expense, $5040; Credit Supplies, $5040.
- Debit Supplies, $1950; Credit Supplies Expense, $1950.
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date: