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krek1111 [17]
3 years ago
8

At the beginning of the period, a company reports a balance in office supplies of $500. During the period, the company purchases

an additional $3,500 of office supplies for cash. By the end of the period, only $950 of office supplies remains. Record the period-end adjusting entry.
Business
1 answer:
serious [3.7K]3 years ago
5 0

Explanation:

The adjusting entry is as follows:

Supplies expense A/c Dr $370

      To Supplies A/c $370

(Being supplies account is adjusted)

The Supplies expense is calculated below:

= Beginning Supplies balance + purchase an additional office supplies  - supplies on hand

= $500 + $3,500 - $950

= $3,050

Simply we debited the supplies expense account and credited the supplies account for $3,050

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