A Company Started the Year with $1,500 of Supplies on Hand.During

question 50

Multiple Choice

A company started the year with $1,500 of supplies on hand.During the year the company purchased additional supplies of $800 and recorded them as increase to the supplies asset.At the end of the year the company determined that only $300 of supplies are still on hand.What is the adjusting journal entry to be made at the end of the period?

• A) Debit Supplies Expense and credit Supplies for $2,000
• B) Debit Supplies and credit Supplies Expense for $300
• C) Debit Supplies Expense and credit Supplies for $1,200
• D) Debit Supplies and credit Supplies Expense for $1,000

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