Homework Answers
Answer -
Adjustment entry will be -
A. Dr Supplies expense $ 190, CR Supplies on hand $ 190.
Explanation -
Supplies on hand balance = $ 485
Actual supplies on hand = $ 295
Supplies used during the period =
Supplies - actual supplies on hand
= $ 485 - $ 295
= $ 190.
So to take the balance to $ 295 the supplies on hand to be written off as supplies expenses of $ 190.
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