flash-cards/ 0 and total liabilities q assets must Question 25 of 25 e b 20 poin

Question

flash-cards/ 0 and total liabilities q assets must Question 25 of 25 e b 20 points m O 3ase 30, mory of the mpplies indicated only $6,000 hand The adjurting estry that should be made by the company on Jume 30 i zlet -1-flash-cards/ hall law practice after nd stockholders' equit t change by what o d debit Supplies Expense, $33,000, credit Supplies, $33,000 26,900 And Sto e.None of the above ounting questions equity increased by direction during the s n Financial Man et turnover is... Now Cick Submit to complete this assessiment 25 of 25 ays in receivables + in 6/11/2018

Explanation / Answer

Purchase of supplies is $ 39000 but closing is $ 6000, this is lesser by $ 6000. Thus A credit of $33000 will need to be entered into the asset account in order to reduce the balance from $39000 to $33000

Adjusting entry would be

Supplies Expenses $ 33000 Debit

Supplies $ 33000 Credit

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