The supplies account has a $3000 beginning balance. Supplies in the amount of $5000 were purchased during the accounting period. An ending inventory revealed a $1700 balance of supplies on hand. The entry to adjust the account accordingly is

Question

The supplies account has a $3000 beginning balance.    Supplies in the amount of $5000 were purchased during the accounting period.    An ending inventory revealed a $1700 balance of   supplies on hand.   The entry to adjust the account accordingly is

Accepted Answer

Debit Supplies Expense  63 00, Credit   Supplies 6300

Answer

Debit Supplies Expense  17 00, Credit   Supplies 1700

Answer

Debit Supplies   5000, Credit   Supplies Expense 5000

Answer

Debit Supplies  3 000, Credit   Supplies Expense 3000

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The supplies account has a $3000 beginning balance. Supplies in the amount of...

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