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Ragland Corp. purchases supplies on account for $1,000 and appropriately records the transaction in an asset account. A count of inventory at year-end indicates that $300 of supplies are remaining. The adjusting journal entry required at year-end includes (Select all that apply.)

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Answer:

adjusting journal entry :

Debit : Supplies Expenses $700

Credit : Supplies Account $700

Explanation:

The adjustment that is required is the one that shows how the supplies have been utilized during the reporting period.

When supplies are used we Debit : Supplies Expenses  and Credit : Supplies Account by the amount of the decrease (amount used). Thus, the adjusting journal entry required is :

Debit : Supplies Expenses $700

Credit : Supplies Account $700

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