Lake of Fire Company purchased supplies costing $7,000 and debited Supplies for

Question

Lake of Fire Company purchased supplies costing $7,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,400 still on hand. The appropriate adjusting journal entry to be made at the end of the period would beAnswer

Debit Supplies Expense, $2,400; Credit Supplies, $2,400. Debit Supplies, $4,600; Credit Supplies Expense, $4,600. Debit Supplies Expense, $4,600; Credit Supplies, $4,600. Debit Supplies, $2,400; Credit Supplies Expense, $2,400.

Explanation / Answer

Debit Supplies Expense, $4,600; Credit Supplies, $4,600.

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