Homework Answers
Supplies purchased on 2nd June and recorded as an asset = $8,000
Supplies on hand as on 30th June = $3,000
Therefore, supplies used = 8000-3000 = $5,000
Hence, we need to record the following:
a. Supplies used as an expense = $5,000
b. Reduction in supplies inventory = $5,000
So, the adjusting entry would be:
Supplies expense A/c Dr. $5,000
Supplies A/c Cr. $5,000
Option c is the correct answer.
All other options are incorrect.
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