Greenway Corporation Trial Balance December 31, 2017 Cash Accounts Receivable Pr

Question

Greenway Corporation Trial Balance December 31, 2017 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $300 522 82 180 4000 $600 384 1200 1400 3000 1000 500 $6584 0 $6584 If, on December 31, 2017, supplies on hand were $40, the adjusting entry would contain a: O credit to Supplies Expense for $140. O debit to Supplies for $40. credit to supplies for $40. O debit to Supplies Expense for $140. Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

The correct adjustment entry is:

Debit to supplies expense $140, credit to supplies $140

So correct answer is debit to supplies expense for $140

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