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Make the entry to adjust the supplies account as of august

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Problem 1: On August 1, supplies were purchased. Supplies were debited and Accounts Payable credited for $2,500. $700 of these supplies were on hand at the end of August. The entry to adjust the supplies account as of August 31:

a) requires a debit to Supplies for $700.

b) requires a credit to Supplies for $1,800.

c) requires a debit to Supplies for $2,200.

d) requires a credit to Accounts Payable for $1,500.

Reference no: EM132983692

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