The balance in Carlos Company's supplies account on December 31 is $3,000. If the supplies used during the year were $750,what is the entry to adjust the supplies account at the end of the year?A debit to Supplies, $2,250; credit to Supplies Expense, $2,250B debit to Supplies Expense, $750; credit to Supplies, $750debit to Supplies, $250; credit to Supplies Expense, $250debit to Supplies Expense, $750; credit to Accounts Payable, $750

Supplies are those items which are expected to be used in the near future. Balance in supplies…

The balance in Carlos Company's supplies account on December 31 is $3,000. If the supplies used during the year were $750, what is the entry to adjust the supplies account at the end of the year? debit to Supplies, $2,250, credit to Supplies Expense, $2,250 B debit to Supplies Expense, $750; credit to Supplies, $750 debit to Supplies, $250; credit to Supplies Expense, $250 debit to Supplies Expense, $750; credit to Accounts Payable, $750

The balance in Carlos Company's supplies account on December 31 is $3,000. If the supplies used during the year were $750, what is the entry to adjust the supplies account at the end of the year? debit to Supplies, $2,250, credit to Supplies Expense, $2,250 B debit to Supplies Expense, $750; credit to Supplies, $750 debit to Supplies, $250; credit to Supplies Expense, $250 debit to Supplies Expense, $750; credit to Accounts Payable, $750

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14A: Expense Method Of Accounting For Prepaid Expenses

Section: Chapter Questions

Problem 1SEB: EXPENSE METHOD OF ACCOUNTING FOR PREPAID EXPENSES Ryans Fish House purchased supplies costing 3,000...

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