if the balance of the supplies account on January 1 was $500, supplies purchas

if the balance of the supplies account on January 1 was
$500, supplies purchased during the year were $1750, and
the supplies on hand at December 31 were $300, the amount
for the appropriate adjusting entry at December 31 is?

Question Posted / prisgon1974

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if the balance of the supplies account on January 1 was $500, supplies purchased during the year w..

Answer / shi

JAN 1 SUPPLIES ON HAND $500
DEC.31 TOTAL PURCHASES $1750
TOTAL $2250
DEC.31 SUPPLIES ON HAND-$ 300
SUPPLIES USED $1950

Supplies Expense $1950 DR
Supplies Inventory $1950

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