The Beginning Balance in the Supplies Account Was $3,000

question 102

Essay

The beginning balance in the Supplies account was $3,000.Purchases of supplies during the year were $25,000.The business makes adjusting entries for supplies once a year.A count of supplies at year-end revealed that the ending balance in the Supplies account should be $1,500.What is the amount of the adjusting entry?
A) $1,500
B) $25,000
C) $26,500
D) $3,000

• A) $1,500
• B) $25,000
• C) $26,500
• D) $3,000

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Definitions:

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