Best Value Trucks Inc. began the year with $1,200 of supplies on hand. During the year the company purchased $4,000 worth of supplies, debited to the Supplies account. At the end of the year, there was $1,000 worth of supplies left on hand. The adjusting entry for Supplies at the end of the year would be:

Question

Best Value Trucks Inc. began the year with $1,200 of supplies on hand. During the year the company purchased $4,000 worth of supplies, debited to the Supplies account. At the end of the year, there was $1,000 worth of supplies left on hand. The adjusting entry for Supplies at the end of the year would be: Best Value Trucks Inc. began the year with $1,200 of supplies on hand. During the year the company purchased $4,000 worth of supplies, debited to the Supplies account. At the end of the year, there was $1,000 worth of supplies left on hand. The adjusting entry for Supplies at the end of the year would be:

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The Answer of Best Value Trucks Inc. began the year with $1,200 of supplies on hand. During the year the company purchased $4,000 worth of supplies, debited to the Supplies account. At the end of the year, there was $1,000 worth of supplies left on hand. The adjusting entry for Supplies at the end of the year would be: