The Yellow Apple Company's Printing Supplies account had a beginning balance of $3,000. During the month, purchases of printing supplies totaling $2,250 were debited to the Printing Supplies account.
If $1,500 worth of printing supplies is still on hand at month-end, what is the proper adjusting entry?

Question

Quizplus · Accepted Answer

Transfer $3,000 + $2,250 - $1,500 = $3,750 from Printing Supplies to Printing Supplies Expense

The Yellow Apple Company's Printing Supplies Account Had a Beginning