Waterway Company purchased supplies costing $7070 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2060 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be O Debit Supplies Expense, $2060; Credit Supplies, $2060. O Debit Supplies Expense, $5010; Credit Supplies, $5010. O Debit Supplies, $2060; Credit Supplies Expense, $2060. O Debit Supplies, $5010; Credit Supplies Expense, $5010.

Waterway Company purchased supplies costing $7070 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2060 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be O Debit Supplies Expense, $2060; Credit Supplies, $2060. O Debit Supplies Expense, $5010; Credit Supplies, $5010. O Debit Supplies, $2060; Credit Supplies Expense, $2060. O Debit Supplies, $5010; Credit Supplies Expense, $5010.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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