current attempt in progress\nlahey advertising companys trial balance at december 31 shows supplies $8,800…

current attempt in progress\nlahey advertising companys trial balance at december 31 shows supplies $8,800 and supplies expense $0. on december 31, there are $1,100 of supplies on hand.\n(a1)\nyour answer is partially correct.\nprepare the adjusting entry at december 31. (list debit entry before credit entry. credit account titles are automatically indented when the amount is entered. do not indent manually. if no entry is required, select \no entry\ for the account titles and enter 0 for the amount in the relevant debit or credit box. entering zero in all boxes will result in the question being marked incorrect.)\ndate account titles and explanation debit credit\ndec. 31 supplies expense 7,700\nsupplies

current attempt in progress\nlahey advertising companys trial balance at december 31 shows supplies $8,800 and supplies expense $0. on december 31, there are $1,100 of supplies on hand.\n(a1)\nyour answer is partially correct.\nprepare the adjusting entry at december 31. (list debit entry before credit entry. credit account titles are automatically indented when the amount is entered. do not indent manually. if no entry is required, select \no entry\ for the account titles and enter 0 for the amount in the relevant debit or credit box. entering zero in all boxes will result in the question being marked incorrect.)\ndate account titles and explanation debit credit\ndec. 31 supplies expense 7,700\nsupplies

Answer

Explanation:

Step1: Calculate supplies used

The supplies on - hand at the start are $8,800 and the supplies on - hand at the end are $1,100. The supplies used is the difference between the beginning supplies and the ending supplies. So, Supplies used = $8,800 - $1,100 = $7,700.

Step2: Determine the adjusting entry

To record the supplies used, we debit Supplies Expense (to increase the expense account) and credit Supplies (to decrease the asset account) for the amount of supplies used, which is $7,700.

Answer:

Date Account Titles and Explanation Debit Credit
Dec. 31 Supplies Expense 7700
Supplies 7700