Office Supplies has a balance of 2,400. An Inventory at December 31 shows $1,700 of supplies of hand. What are the entries based on cost

Hint: How much of the supplies did you use? What accounts do you think you need to adjust for this?

Your journal entry for the difference will be:

Debit Supplies Expense for the amount
Credit Supplies for the amount

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Originally Posted by pready

your journal entry for the difference will be:

Debit supplies expense for the amount
credit supplies for the amount

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Stop giving people the answers!!