contestada

$1,000 of supplies were purchased at the beginning of the month. $300 were used during the month. (The Supplies account was increased at the time of the initial purchase.) Demonstrate the required adjusting journal entry by selecting from the choices below. (Check all that apply.)

Respuesta :

Answer:

Explanation:

Given that

Beginning of month supplies purchased for $1,000

And, the supplies used = $300

So, The adjusting entry is as follows

1. Supplies expense A/c Dr $700

               To supplies A/c $700

(Being supplies expense is recorded)

The supplies expense is computed by

= Supplies balance - supplies used

= $1,000 - $300

= $700

abiolataiwo2015

The required adjusting journal entry is :

Debit Supplies expense for  $300

Credit Supplies for $300

Since  $300 of supplies were used during the month which means that the appropriate journal entry will be:

Debit Supplies expense $300

Credit Supplies $300

(To record supplies)

Inconclusion The required adjusting journal entry is:

Debit Supplies expense for  $300

Credit Supplies for $300

Learn more here:

https://brainly.com/question/17759855

Otras preguntas