a-company-starts-with-1500-worth-of-supplies-during-the-period-1000-worth-of-sup

Question

A company starts with $1,500 worth of supplies. During the period, $1,000 worth of supplies are used. How should the company adjust its accounts?

Accepted Answer

Debit Supplies Expense $1,000; Credit Supplies $1,000

Answer

Debit Supplies $1,000; Credit Supplies Expense $1,000

Answer

Debit Supplies Expense $500; Credit Supplies $500

Answer

Debit Supplies $500; Credit Supplies Expense $500

A company starts with \$1,500 worth of supplies. During the period, \$1,000 worth of supplies are used. How should the company adjust its accounts?