Question

Anderson Corp. began the period with $200 of supplies. During the period, $500 of supplies were purchased. At the end of the period, there were $300 of supplies on hand. What will be the amount of the adjusting entry to record the amount of supplies used

Answer 1

Answer:Amount of supplies used =$400

Step-by-step explanation:

Beginning balance of supplies $200

Supplies purchased $500

Ending supplies balance on hand $300

Amount of supplies used = Beginning balance of supplies + Supplies purchased - Ending supplies balance on hand

= $200 +$500 - $300

= $400 is amount of the adjusting entry to record the amount of supplies used in Anderson Corp.