Question 3 2 pts During the first year of Wilkinson Co

Accounting Aug 11, 2020

Question 3 2 pts During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $19,350 were purchased. Actual year-end supplies amounted to $5,450. The adjusting entry for supplies will increase expenses by $13.900 debit Accounts Payable for 55.450. decrease supplies by $5.450. increase net Income by $13.900

Expert Solution

The correct answer is

increase supplies expenses by 13900

Explanation

Supplies expense increase = purchases - year end supplies

= 19350- 5450

= 13900

So the correct answer is

Increase supplies expense by 13900

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