A company purchased office supplies costing $3,000 and debited Supplies for the full amount. At the end
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Question:
A company purchased office supplies costing $3,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $900 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be:
- debit Supplies Expense, $2,100; credit Supplies, $2,100.
- debit Supplies, $2,100; credit Supplies Expense, $2,100.
- debit Supplies Expense, $3,900; credit Supplies, $3,900.
- debit Supplies, $900; credit Supplies Expense, $900.
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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