Homework Answers
Ans - Debit supplies expense $3690, credit Supplies, $3690 (Option 3rd)
At the end of the accounting period, if supplies of $2050, was still on hand, then it means that remaining supplies was utilized in the year and will be shown in Income statement as Supplies expense. So appropriate adjusting entry will be as follows
| Particulars | Debit ($) | Credit ($) |
| Supplies expense (Supplies purchased - Supplies at hand) ($5740 - $2050) |
3690 | |
| To Supplies | 3690 |
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