Alcatraz Boat Tours showed store supplies available during the year,$550.If at the end of the month supplies used were $200,the adjusting entry would include a:

Question

Quizplus · Accepted Answer

The correct adjusting entry for supplies used would include a debit to Supplies Expense for $200, reflecting the amount of supplies consumed during the period. This decreases the asset (Supplies) and increases the expense (Supplies Expense), accurately reflecting the use of supplies in the income statement.

Alcatraz Boat Tours Showed Store Supplies Available During the Year,$550