The Green Grape Company's Office Supplies account had a beginning balance of $16,000. During the month, purchases of office supplies totaling $4,000 were debited to the Office Supplies account.
If $6,000 worth of office supplies is still on hand at month-end, what is the proper adjusting entry?

Question

Quizplus · Accepted Answer

Transfer $16,000 + $4,000 - $6,000 = $14,000 from Office Supplies to Office Supplies Expense

The Green Grape Company's Office Supplies Account Had a Beginning