Assume that during the month, supplies (asset) was debited $2,600 for supplies purchased. the total cost of supplies used during the month was $1,900. record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month ...

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Business

Mckenna Thornton

24 February, 11:46

Assume that during the month, supplies (asset) was debited $2,600 for supplies purchased. the total cost of supplies used during the month was $1,900. record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month ...

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Gisselle Chaney · Answer 1

At the time of the transaction, you would have the following entry:

Supplies 2,600

Cash 2,600 (assuming it was paid in cash)

At the end of the month you would have the following entry:

Supplies expense 1,900

Supplies 1,900