At the beginning of its first year of operations,Henry Corp.purchased $5,000 of supplies,which were debited to the Supplies account.It did not purchase any other supplies during the year.At the end of the year,it has $1,000 of supplies left.The appropriate adjusting journal entry is:
A) Debit Supplies Expense $4,000 and credit Supplies $4,000
B) Debit Supplies $4,000 and credit Supplies Expense $4,000
C) Debit Supplies $1,000 and credit Supplies Expense $1,000
D) Debit Supplies Expense $1,000 and credit Supplies $1,000
Correct Answer:
Verified
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