Bonita Company purchased supplies costing $7130 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $1960 still on hand. The...

Bonita Company purchased supplies costing $7130 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $1960 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

Debit Supplies, $1960; Credit Supplies Expense, $1960.

Debit Supplies, $5170; Credit Supplies Expense, $5170.

Debit Supplies Expense, $5170; Credit Supplies, $5170.

Debit Supplies Expense, $1960; Credit Supplies, $1960.

Jun 01, 2022

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Bonita Company purchased supplies costing $7130 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $1960 still on hand. The...

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