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Coffee Company had a $500 beginning balance in its supplies account. The company purchased $2,000 of supplies during the accounting period. A physical count of supplies determined that $400 of supplies were on hand at the end of the accounting period. The amount of supplies expense to be recognized is ______.

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nprocks958

Answer:

$2,100

Explanation:

Supplies is a asset which is debited to add, credited to remove

We start with $500, and purchase $2,000, leaving us with $2,500 in supplies.

We have $400 left at the end of the accounting period.

$2,500 - $400 = $2,100 (used)

Therefore, we make our adjustment, and debit the Supplies expense account for $2,100

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