On January 1,Ogden Company had $1,500 of supplies on hand.During January,Ogden purchased $5,500 worth of new supplies.At the end of the month,a count revealed $600 worth of supplies remaining on the shelves.The adjusting entry needed will include a debit to Supplies Expense of $6,400.The supplies were initially recorded as an asset.

Question

Quizplus · Accepted Answer

Supplies Expense = $1,500 + $5,500 - $600 = $6,400

On January 1,Ogden Company Had $1,500 of Supplies on Hand