Adjusting Entries: Supplies Video Lessons

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Problem: Data Corporation made several purchases of office supplies totaling $3,310 during its first year of operations and recorded all purchases by debiting the asset account Office Supplies. At December 31, the amount of unused supplies on hand was determined by count to amount to $1,460. The proper adjusting entry would be: a. Debit Office Supplies Expense $1,460 and credit Office Supplies $1,460. b. Debit Accounts Payable $3,310 and credit Office Supplies $3,310. c. Debit Office Supplies $1,460 and credit Office Supplies Expense $1,460. d. Debit Office Supplies Expense $1,850 and credit Office Supplies $1,850.

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Problem Details

Data Corporation made several purchases of office supplies totaling $3,310 during its first year of operations and recorded all purchases by debiting the asset account Office Supplies. At December 31, the amount of unused supplies on hand was determined by count to amount to $1,460. The proper adjusting entry would be:

a. Debit Office Supplies Expense $1,460 and credit Office Supplies $1,460.

b. Debit Accounts Payable $3,310 and credit Office Supplies $3,310.

c. Debit Office Supplies $1,460 and credit Office Supplies Expense $1,460.

d. Debit Office Supplies Expense $1,850 and credit Office Supplies $1,850.

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