if the balance of the supplies account on January 1 was $500, supplies pu

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Question

if the balance of the supplies account on January 1 was 
$500, supplies purchased during the year were $1750, and 
the supplies on hand at December 31 were $300, the amount 
for the appropriate adjusting entry at December 31 is?

Question Submitted By :: Prisgon1974

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Re: if the balance of the supplies account on January 1 was $500, supplies purchased during the year were $1750, and the supplies on hand at December 31 were $300, the amount for the appropriate adjusting entry at December 31 is?

Answer
# 1

JAN 1  SUPPLIES ON HAND $500
DEC.31 TOTAL PURCHASES  $1750
               TOTAL    $2250
DEC.31 SUPPLIES ON HAND-$ 300
       SUPPLIES USED    $1950

Supplies Expense $1950 DR
Supplies Inventory        $1950

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