On Dec 31, a count of the supplies account indicates a balance of $ 1,200. At...
On Dec 31, a count of the supplies account indicates a balance of $ 1,200. At Dec 1, the supplies account had a balance of $2,000. What statement is correct with regard to the applicable adjusting journal entry?
Supplies is debited for $ 1,200
Supplies is credited for $ 1,200
Supplies is debited for $ 800
Supplies is credited for $ 800
Homework Answers
Supplies, Dec 1 = $2,000
Supplies, Dec 31 = $1,200
Supplies expense = Supplies, Dec 1 - Supplies, Dec 31
= 2,000 - 1,200
= $800
Hence, on Dec 31 to record supplies expense, following entry will be made :
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| Dec 31 | Supplies expense | 800 | |
| Supplies | 800 | ||
| (To record supplies expense) |
Hence, on Dec 31 supplies will be credited by $800
Fourth option is the correct option
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