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5. A company has a Supplies account at the end of the year that shows a balance of $10,000 and a Supplies Expense account with a 0 balance. A count of the actual supplies on hand revealed a value of $2,000. Record the adjusting journal entry required at year end.
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Question & Answer: 5. A company has a Supplies account at the end of the year that shows a balance of $10,000 and a Supplies Expense account with…..
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| Adjusting Journal entries at year end | ||||
| Transaction | Account Titles | Debit | Credit | |
| a | Supplies Expense | $8,000 | ||
| Supplies | $8,000 | |||
| (to record the usage of supplies during the year) | ||||
