On April 1, Balsa, Inc. purchased office supplies for $1,500. At the end of April, they took a count of the remaining supplies and found that there was $500 of supplies left. Provide the adjusting entry needed at the end of April. (Ignore explanation)
Assume the office supplies were initially recorded as an asset. Assume there were no office supplies on hand prior to the purchase on April 1.
What will be an ideal response
Supplies Expense 1,000
Office Supplies 1,000 .Supplies Expense = Beginning balance in Office Supplies - Ending balance in Office Supplies
Supplies Expense = $1,500 - $500 = $1,000
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