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Mashutka [201]
3 years ago
8

Red Industries began operations on April 11th, 2022. Red purchased $2,100 of supplies, and a physical count showed that $400 of

supplies were on hand at year-end. Which is the appropriate journal entry at year-end
Business
1 answer:
schepotkina [342]3 years ago
8 0

Answer:

Explanation:

The journal entry is shown below:

Supplies expense A/c Dr $1,700

                  To Supplies A/c $1,700

(Being supplies account is adjusted)  

The supplies expense is computed below  

= Purchase value of supplies - supplies on hand  at year end

= $2,100 - $400

= $1,700        

For recording, this given transaction we debited the supplies expense account as the remaining balance is transferred to supplies expense and credited the supplies account

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