Homework Answers
Adjusting Journal Entry:
| Date | Accounts and Explanation | Debit | Credit |
| (a) Dec. 31 | Supplies Expense | $1,700 | |
| Supplies | $1,700 | ||
| (To record the usage of supplies) |
Supplies is an asset and when it is used, it will decrease, thus, it is credited and Supplies Expense is an expense and when it is incurred, it will be debited.
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Depreciation-Equipment, Accounts Payable, Salaries and Wages
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Expense, Gasoline, Expense, Depreciation Expense, Insurance
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