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If regent tax services office supplies account balance on March 1 was $850, the company purchased $450 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $1,050 unused, what is the amount of the adjusting entry for office supplies on March 31?
Expert Answer
| Beginning supplies in hand | $ 850 |
| Add: Purchases during the month | $ 450 |
| Less: Ending supplies in hand | $ (1,050) |
| Supplies used during the year | $ 250 |
| Adjusting entry | ||
| Supplies expenses | $ 250 | |
| Supplies | $ 250 |
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