Question

$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.) Multiple select question. Supplies would be credited for $300. Supplies would be debited for $300. Supplies expense would be debited for $300. Supplies expense would be debited for $700. Supplies expense would be credited for $300.

Answer 1

Supplies expense would be debited for $300 and Supplies would be credited for $300

Step-by-step explanation:

The adjusting entry for supplies is shown below:

Supplies expense Dr $300

To Supplies $300

(Being the supplies is adjusted)

Here we debited the supplies expense as it increased the expense and credited the supplies as it also increased the asset so that the proper journal entry could be recorded and proper posting could be done