A total of $4,200 in supplies was purchased during the year. At the end of the...

A total of $4,200 in supplies was purchased during the year. At the end of the year $1,100 of the supplies were left. The adjusting entry needed at the end of the year is:

Multiple Choice

debit Supplies Expense $4,200; credit Supplies $4,200
debit Supplies Expense $3,100; credit Supplies $3,100
debit Supplies Expense $1,100; credit Supplies $1,100
debit Supplies $3,100; credit Supplies Expense $3,100

Solutions

Expert Solution

Solution:

The answer is :

Debit Supplies Expense $3,100; credit Supplies $3,100

Explanation:

Given:

Purchase = $4,200

Ending stock = $1,100

Therefore,

Supplies consumed

= Purchase-Ending stock

= $4,200 - $1,100

= $3,100

$3,100

ekkarill92 answered 2 years ago

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