It is determined that One Eleven Music Studios has $500 worth of supplies left at the end
Question:
It is determined that One Eleven Music Studios has $500 worth of supplies left at the end of March out of the $2,200 purchased in March. The entry to record the month-end adjustment is:
a. Debit Supplies Expense $500 and credit Supplies $500
b. Debit Purchases $2,200 and credit Supplies Expense $2,200
c. Debit Supplies Expense $1,700 and credit Supplies $1,700
d. None of the above.
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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