Question

Prior to recording adjusting entries, the Office Supplies account had a $490 debit balance. A physical count of the supplies showed $175 of unused supplies available. The required adjusting entry is: debit/credit [ Select ] to [ Select ] account for [ Select ] debit/credit [ Select ] to [ Select ] account for [ Select ]

Answer 1

Answer: See explanation

Explanation:

Based on the information that's provided in the question, the required adjusting entry goes thus:

Unadjusted ending balance of supplies = $490

Actual supplies ending balance existing physically = $175

From the information above, the supplies used during the period will be:

= $490 - $175

= $315

Therefore,

Debit office supplies expenses $315 Credit office supplies account $315