Marigold Company purchased supplies costing $ 7100 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $ 2070 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be O Debit Supplies Expense, $ 2070; Credit Supplies, $ 2070. O Debit Supplies, $ 2070; Credit Supplies Expense, $ 2070. O Debit Supplies Expense, $ 5030; Credit Supplies, $ 5030. O Debit Supplies, $ 5030; Credit Supplies Expense, $ 5030.

Marigold Company purchased supplies costing $ 7100 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $ 2070 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be O Debit Supplies Expense, $ 2070; Credit Supplies, $ 2070. O Debit Supplies, $ 2070; Credit Supplies Expense, $ 2070. O Debit Supplies Expense, $ 5030; Credit Supplies, $ 5030. O Debit Supplies, $ 5030; Credit Supplies Expense, $ 5030.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4PB: The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal...

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