MoonRiver is a theater in Branson. Most of its supplies are props for its variou

Question

MoonRiver is a theater in Branson. Most of its supplies are props for its various shows. At the start of the year, it had $1,600 in prop supplies, but by the end of the year supplies totaled only $300. Assuming it purchased $700 in props for the year and paid dividends of %600 for the year, the adjusting entry for supplies at the end of the year would include a:

A. Debit to supplies $300

B. Debit to supplies expense $2,000

C. Credit to cash $2,000

D. Credit to supplies $900

E. Two of the above are correct

Explanation / Answer

B. Debit to supplies expense $2,000

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