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Bookkeeping MCQs

If the supplies account (assets), before adjustment on May 31, indicated a balance of $2,250, and the supplies on hand on May 31 totaled $950, the adjusting entry would be:

Debit supplies, $1,300; credit supplies expense, $1,300

Debit supplies, $950; credit supplies expense, $950

Debit supplies expense, $950; credit supplies, $950

Debit supplies expense, $1,300; credit supplies, $1,300

Answer

Correct Answer: Debit supplies expense, $1,300; credit supplies, $1,300

Explanation:

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