A total of $3,700 in supplies was purchased during the year. Bythe end of the...

A total of $3,700 in supplies was purchased during the year. By the end of the year, the company had used $2,200 of the supplies. The adjusting entry needed at the end of the year is:

Multiple Choice

debit Supplies $2,200; credit Supplies Expense $2,200
debit Supplies Expense $1,500; credit Supplies $1,500
debit Supplies Expense $2,200; credit Supplies $2,200
debit Supplies Expense $3,700; credit Supplies $3,700

Solutions

Expert Solution

Ans- Journal Entry

Account Title and Explanation	Debit ($)	Credit ($)
Supplies Expense	2,200
Supplies		2,200
(To record supplies expenses)

Since the problem stated that $2,200 had been used up that is the amount that needs to be credited from the supplies account and recognized as an expense. Hence, the correct option is c)- debit supplies expense- $2,200; credit supplies $2,200.

ekkarill92 answered 2 years ago

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