Myron is a barber who does his own accounting for his shop. When he buys supplie

Question

Myron is a barber who does his own accounting for his shop. When he buys supplies he routinely debits Supplies Expense. Myron purchased $1,500 of supplies in January and his inventory at the end of January shows $400 of supplies remaining. What adjusting entry should Myron make on January 31?

a) Supplies Expense             1,100

Supplies                                1,100

b) Supplies                            400

Supplies Expense                 400

c) Supplies Expense             400

Supplies                                400

d) Supplies Expense             1,500

Cash                                       1,500

Explanation / Answer

a) Supplies Expense 1,100

Supplies 1,100

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