At March 1, 2013, Minutemen Corp. had supplies on hand of $500. During the month, Minutemen purchased supplies of $1,200 and used supplies of $1,400. The March 31 adjusting journal entry should include a

Debit supplies expense  $1,400

Credit Supplies account  $1,400

Explanation:

The movement in supplies is as a result of purchases and sales during the period. While purchases increases the balance, sales reduces it.

On purchase of $1,200,

Debit Supplies account $1,200

Credit Bank/Cash account $1,200

On use of $1,400

Debit supplies expense  $1,400

Credit Supplies account  $1,400

This will ensure that the balance in the supplies account is $300 considering the opening balance, purchases and sales.

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