Business, 29.02.2020 05:25, rowdycar313p0ao5k
A company started the year with $3,750 of supplies on hand. During the year the company purchased additional supplies of $2,000 and recorded them as an increase to the supplies asset. At the end of the year the company determined that only $750 of supplies are still on hand. What is the adjusting journal entry to be made at the end of the period?
A. Debit Supplies Expense and credit Supplies for $5,000
B. Debit Supplies and credit Supplies Expense for $750
C. Debit Supplies Expense and credit Supplies for $3,000
D. Debit Supplies and credit Supplies Expense for $2,500
Answers: 3
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A company started the year with $3,750 of supplies on hand. During the year the company purchased ad...
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