$1-Ch1-4($i$)$

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A physical count of supplies on hand at the end of May for Masters, Incorporated indicated $$1,258$ of supplies available. The general ledger balanc before any adjustment is $$2,180.$ What is the adjusting entry for supplies that should be recorded on May $31?$

Multiple Choice

Debit Supplies Expense $$1,258$ and credit Supplies $$1,258.$

Debit Supplies $$1,251$ and credit Cash $$1,251.$

Debit Supplies Expense $$922$ and credit Supplies $$922.$

Debit Prepaid Supplies $$922$ and credit Supplies Expense $$922.$

Debit Supplies Expense $$2,180$ and credit Supplies $$2,180.$