Question

Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical count of the supplies showed $111 of unused supplies available. The required adjusting entry is:

Answer 1

Answer:The readjusting entry will now be to Debit Office Supplies expense $259 and Credit Office Supplies $259

Step-by-step explanation:

Unadjusted ending balance of Supplies = $370

Actual supplies of unused supplies = $111

Amount of supplies were used during the period ( Supplies Expense)= $370 -$111 = $259

The readjusting entry will now be

Account and explanation Debit Credit

Office Supplies expense $259

Office Supplies $259