The Green Grape Company's Printing Supplies account had a beginning balance of $8,000. During the month, purchases of printing supplies totaling $6,000 were debited to the Printing Supplies account.
If $4,000 worth of printing supplies is still on hand at month-end, what is the proper adjusting entry?

Question

Quizplus · Accepted Answer

Transfer $8,000 + $6,000 - $4,000 = $10,000 from Printing Supplies to Printing Supplies Expense

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