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Supplies on hand were $900 at the start of the year. At the end of the year, it was determined that $350 of supplies had been used. What is the adjusting entry for supplies

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Zviko

Answer:

the adjusting entry for supplies :

Supplies Expense $350 (debit)

Supplies Account $350 (credit)

Explanation:

The fall in value of supplies on hand is due to utilization of the asset in in the business during the year.

The entry to adjust the utilization of the Supplies is to Debit the Supplies Expense (Expense) and Credit the Supplies Account (Asset) by the amount utilized of $350.

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