At the beginning of the year, Ron Weasley Inc. had supplies (an asset) amounting to $820. During the year, Ron Weasley I

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At The Beginning Of The Year Ron Weasley Inc Had Supplies An Asset Amounting To 820 During The Year Ron Weasley I 1 (38.52 KiB) Viewed 56 times

At the beginning of the year, Ron Weasley Inc. had supplies (an asset) amounting to $820. During the year, Ron Weasley Inc. purchased supplies for $1,500 cash. When the supplies were purchased, Ron Weasley Inc. debited supplies expense (not supplies) for $1,500. At the end of the year, Ron Weasley Inc. had $990 of supplies on hand. Consequently, Ron Weasley Inc. would record which one of the following adjusting entries at the end of the year: a) Debit supplies expense for $170 and credit supplies for $170 O b) Debit supplies expense S510 and credit supplies for $510 c) Debit supplies for $1.500 and credit supplies expense for $1,500 d) Debit supplies for $170 and credit supplies expense for $170