The Tracey Real Estate Company's Supplies account balance at the end of the period is $132,000. Supplies totaling $112,800 have been purchased during the period and debited to Supplies. A physical count shows $30,000 worth of supplies on hand at the end of the period.
The proper adjusting entry is:

Question

Quizplus · Accepted Answer

Ending supplies balance - Actual supplies inventory = Supplies used during period Transfer $132,000 - $30,000 = $102,000 from Supplies to Supplies Expense

The Tracey Real Estate Company's Supplies Account Balance at the End