The balance in the supplies account before adjustment at the end of the year is $6.250....

Question

Question

Answer 1

Answer #1

Answer Option C

Debit Supplies Expense $4750 and Credit Supplies account $4750 to reduce supplies account to $1500.

Supply is a asset . So reducing asset it required to Credit that asset. When crediting Spplies account for $4750 the balance reduceto $1500

Supplies that are on hand, ie unused at the date of balance sheet are reported under current asset account Supplies or Supplies on Hand.

Answer 2

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