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Knowledge Check 01 A company is in its first month of operations. Supplies worth $4,000 were...

Knowledge Check 01 A company is in its first month of operations. Supplies worth $4,000 were purchased on January 5. At the end of the month supplies worth $3,000 were in hand. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

record the consumption of supplies during the month if supplies are worth 4000

were purchased  on January 5 and at the end of the month supplies worth 3000 were In hand

Date General Journal Debit Credit
Jan 31
business   accounting   
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Answer #1

The entry would be

Date Account Debit Credit
Jan 31 Supplies Expense 1,000
Supplies 1,000
(4,000-3,000)
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