Question

If a count of office supplies on hand reveal $100 of supplies unused at year-end and the Office Supplies on Hand account has a balance of $350, the adjusting entry to bring the Office Supplies on Hand up to date at year-end should include: Multiple Choice Debit Office Supplies on Hand $100, Credit Office Supplies Expense $100 Debit Office Supplies on Hand $150, Credit Office Supplies Expense $150 Debit Office Supplies Expense $100, Credit Office Supplies on Hand $100 Debit Office Supplies Expense $250, Credit Office Supplies on Hand $250

Answer 1

Answer:

Debit Office Supplies Expense $250, Credit Office Supplies on Hand $250

Explanation:

The journal entry is shown below

Supplies expense Dr ($350 - $100) $250

       To Supplies $250

(being the supplies expense is recorded)

For recording this we debited the supplies expense as it increased the expense and credited the supplies as it decreased the assets

Hence, the last option is correct