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    wlkhb's Avatar
    wlkhb Posts: 1, Reputation: 1
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    #1

    Mar 3, 2014, 07:11 PM
    The balance in Websavvy's supplies account on January 1, 2013 is $200. If the supplie
    The balance in Websavvy's supplies account on January 1, 2013 is $200. If the supplies used during the year were $1,500, and As of December 31, 2013, a supplies inventory shows $500 of supplies available what is the entry to adjust the supplies account at the end of the year?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Mar 5, 2014, 12:26 PM
    You are missing a purchase amount of supplies, so your entry to adjust the supplies account will be a Debit to Supplies and a Credit to Cash or Accounts Payable for the amount of supplies purchased.
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