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Homework Answers
The adjusting journal entry to record for the supplies using the period
|
Accounts Tittles and Explanations |
Debit ($) |
Credit ($) |
|
Supplies Expense A/c |
1,500 |
|
|
To Supplies A/c |
1,500 |
|
|
[Being the adjusting journal entry passed to record for the supplies expense for the year] |
||
The amount of supplies expense to be recorded for the year = Supplies at the beginning + Supplies purchased during the period - Supplies on hand at the end of the year
= $950 + $900 - $350
= $1,500
“Hence, the answer would be OPTION-C”
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