A1 Service Company purchased office supplies costing $7,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,800 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be O debit Supplies Expense, $5,200; credit Supplies, $5,200. O debit Supplies, $1,800; credit Supplies Expense, $1,800. O debit Supplies, $5,200; credit Supplies Expense, $5,200. debit Supplies Expense, $1,800; credit Supplies, $1,800.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
A1 Service Company purchased office supplies costing $7,000 and debited Supplies for the full amount. At the end of the
accounting period, a physical count of office supplies revealed $1,800 still on hand. The appropriate adjusting journal
entry to be made at the end of the period would be
O debit Supplies Expense, $5,200; credit Supplies, $5,200.
O debit Supplies, $1,800; credit Supplies Expense, $1,800.
O debit Supplies, $5,200; credit Supplies Expense, $5,200.
debit Supplies Expense, $1,800; credit Supplies, $1,800.
Transcribed Image Text:A1 Service Company purchased office supplies costing $7,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,800 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be O debit Supplies Expense, $5,200; credit Supplies, $5,200. O debit Supplies, $1,800; credit Supplies Expense, $1,800. O debit Supplies, $5,200; credit Supplies Expense, $5,200. debit Supplies Expense, $1,800; credit Supplies, $1,800.
Expert Solution
steps

Step by step

Solved in 1 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education