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What entry will they report to record the supplies

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Question - Patty's Party Planners had $1,500 of supplies on hand on January 1 2017. During the year, they purchased $30,850 of supplies with cash. On December 31, 2017, they had $4,220 of supplies on hand. Patty's Party Planners has the calendar year as its fiscal year and makes adjusting entries on a yearly basis. What entry will they report to record the supplies used for the year?

Debit Supplies Expense and credit Supplies for $4,200.

Debit Supplies and credit Cash for $30,850.

None of these answers are correct.

Debit Supplies Expense and credit Supplies for $26,630.

Debit Supplies Expense and credit Supplies for $28,130.

Reference no: EM132140663

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