Ask Experts Questions for FREE Help!
 

Free Answers in 3 Easy Steps

Register Now
3 Steps
 


Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Accounting    Ask about another Subject  
 

jharsin
Oct 13, 2007, 08:04 PM
the store supplies account had a 360 debit balance at the end of the accounting period before adjustments for supplies used, and an inventory of $80 worth of unused supplies was on hand. which of the following is a required adjusting entry

A. debit store supplies expense $80 and credit store supplies $80
B. Debit store supplies expense $280 and credit store supplies $280
C.Debit store supplies $80 and credit store supplies expense $80
D. debit store supplies $280 and credit store supplies expense $280

newlen5990
Oct 14, 2007, 04:42 AM
Closing entries are to reduce revenue, expense, and drawing account. Supplies are an asset so the $80 of unused supplies would stay in the account and you would (B)debit the supplies expense $280 and credit the store supplies $280.