Bramble Company purchased supplies costing $7170 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2030 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be   A) Debit Supplies Expense, $5140; Credit Supplies, $5140. B) Debit Supplies, $5140; Credit Supplies Expense, $5140. C) Debit Supplies, $2030; Credit Supplies Expense, $2030. D) Debit Supplies Expense, $2030; Credit Supplies, $2030.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bramble Company purchased supplies costing $7170 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2030 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

 

A) Debit Supplies Expense, $5140; Credit Supplies, $5140.
B) Debit Supplies, $5140; Credit Supplies Expense, $5140.
C) Debit Supplies, $2030; Credit Supplies Expense, $2030.
D) Debit Supplies Expense, $2030; Credit Supplies, $2030.
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