The balance in the Supplies account before the adjusting entry is $500. At the end of...
The balance in the Supplies account before the adjusting entry is $500. At the end of the month there are $100 of supplies left. What is the adjusting entry account in use? Which account is debit and credit?
Homework Answers
Beginning supplies = $500
Ending supplies = $100
Supplies expense = Beginning supplies - Ending supplies
= 500-100
= $400
In the adjusting entry , Supplies expense will be debited by $400 and supplies will be credited by $400.
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