Question

The Supplies account has a trial balance of $3,186. A year-end inventory shows $1,744 worth of...

The Supplies account has a trial balance of $3,186. A year-end inventory shows $1,744 worth of supplies left at the end of the year. The correct adjusting entry is:

  • debit Supplies Expense $1,744; credit Prepaid Supplies $1,744

  • debit Supplies $1,442; credit Supplies Expense $1,442

  • debit Supplies Expense $1,442; credit Supplies $1,442

  • debit Supplies Expense $3,186; credit Supplies $3,186

Homework Answers

Answer #1

Adjusting journal entry to record for the supplies

Accounts Tittles and Explanations

Debit ($)

Credit ($)

Supplies Expense A/c

1,442

    To Supplies A/c

1,442

[Being the adjusting journal entry passed to record for the supplies expense for the year]

The amount of supplies expense to be recorded for the year = Supplies at the beginning of the year – Supplies on hand at the end of the year

= $3,186 - $1,744

= $1,442

“Hence, the answer will be Debit Supplies Expense $1,442; Credit Supplies $1,442”

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