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What is adjusting entry?

What would be the Adjusting entry?

  • The supplies account shows a beginning balance of $3000. Assume the supplies account shows a debt for $5500 representing supplies purchased during the period and the supplies inventory at year-end is $1700. The adjusting entry involves a: A. debit to supplies expense for $6800 B. debit to supplies for $6800 C. debit to supplies expense for $1700 D. debit to supplies for $1700

  • Answer:

    A. debit to supplies expense for $6800 This will be offset by a credit to Supplies, so that the Supplies is reduced from $8500 to $1700.

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A. debit to supplies expense for $6800 This will be offset by a credit to Supplies, so that the Supplies is reduced from $8500 to $1700.

3000 + 5500 - 1700 = 6800 debit to supplies expense Hope this helps

3000 + 5500 - 1700 = 6800 debit to supplies expense Hope this helps

Daniel

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