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?