The beginning balance in the Supplies account was $3,000.Purchases of supplies during the year were $25,000.The business makes adjusting entries for supplies once a year.A count of supplies at year-end revealed that the ending balance in the Supplies account should be $1,500.What is the amount of the adjusting entry?
A) $1,500
B) $25,000
C) $26,500
D) $3,000

Question

Quizplus · Accepted Answer

C) Calculations: $3,000 + $25,000 - $1,500 = $26,500

The Beginning Balance in the Supplies Account Was $3,000