Sunny Day Company has $740 of supplies reported on its unadjusted trial balance as of July...
Sunny Day Company has $740 of supplies reported on its unadjusted trial balance as of July 31. During the month of July Sunny Day Company used $325 worth of supplies. What is the entry to adjust supplies?
Select one:
a. 
b. 
c. 
d. 
Homework Answers
Unadjusted supplies balance = $740
During the month of July, Sunny Day Company used $325 worth of supplies.
Hence, supplies expense = $325
Ending supplies balance = Unadjusted supplies balance - supplies expense
= 740 - 325
= $415
The entry to adjust supplies will be:
Debit supplies expense $325, Credit supplies $325
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