During Bruce Company’s first year of operations, the company purchased $4,300 of supplies. At year-end, a physical count of the supplies on hand revealed that $1,825 of unused supplies were available for future use. How will the related adjusting entry affect the company’s financial statements?

Supplies Used = $2475

Explanation:

Bruce Company

Supplies Purchases $4,300

Supplies on hand  $1,825

Supplies Used = $ 4300- $ 1825 = $2475

The amount of Supplies used ( $ 4300- $ 1825 = $2475) will be shown in the income statement as an expense and the amount of unused supplies or Supplies on hand $1,825 will be shown in the Balance sheet as an asset account. The both of which will total the supplies actually purchased.

The relating adjusting entry will be

Supplies Expense $ 2475 Debit

Supplies Account $ 2475 Credit

This means the supplies of the amount $ 2475 have been used and is recorded as an expense in the income statement. It will be deducted from the gross profit. The remaining amount $ 1825 is for future use so recorded as an asset in the Balance Sheet and added to the total assets.

there is no possible way mgk stands a chance with the greatest white rapper of all time. eminem killshots had more bars than rap devil and the reason mgk is doing all this is cause he not getting attention anymore til the release of rap devil and the disses he is putting on eminem. now rap devil was more fire than killshot so mgk might won the battle with rap devil but eminem won the war with killshot.