A company purchased office supplies costing $4300 and debited Supplies for the full amount. At the...

 

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A company purchased office supplies costing $4300 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $770 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies Expense, $3530; credit Supplies, $3530. debit Supplies, $3530; credit Supplies Expense, $3530. debit Supplies, $770; credit Supplies Expense, $770. debit Supplies Expense, $5070; credit Supplies, $5070. A company purchased office supplies costing $4300 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $770 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies Expense, $3530; credit Supplies, $3530. debit Supplies, $3530; credit Supplies Expense, $3530. debit Supplies, $770; credit Supplies Expense, $770. debit Supplies Expense, $5070; credit Supplies, $5070.

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