The supplies inventory on August 1, 2020 was $9,350. Supplies costing $24,150 were acquired during the...
The supplies inventory on August 1, 2020 was $9,350. Supplies costing $24,150 were acquired during the year and charged to the supplies inventory. A count on July 31, 2021 indicated supplies on hand of $8,810. The adjusting entry for supplies inventory will
| A. |
increase net income by $24,690. |
|
| B. |
increase expenses by $24,690. |
|
| C. |
decrease supplies by $8,810. |
|
| D. |
debit Accounts Payable for $8,810. |
Homework Answers
Beginning supplies = $9,350
Supplies purchased = $24,150
Ending supplies = $8,810
Supplies expense = Beginning supplies+ Supplies purchased- Ending supplies
= 9,250+24,150-8,810
= $24,590
The adjusting entry for supplies inventory will:
- Increase expense by $24,690
- Decrease net income by $24,690
- Decrease supplies by $24,690
Correct option is B.
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