During june, busy beaver bought $5,000 of office supplies on account, and promised to pay the vendor the full amount in july. at the end of june, busy beaver estimated that there was $2,000 of office supplies left unused. how much supplies expense should busy beaver report for june?

$3,000.

Explanation:

Existences of supplies from previous month: $0

Bought supplies during June: $5,000

Supplies unused ar the end of June: $2,000

Supplies used during June = Existences of supplies from previous month + Bought supplies during June - Supplies unused ar the end of June

Supplies used during June = $0 + $5,000 - $2,000

Supplies used during June = $3,000

The adjusting entry to record an accrued expense is:

Debit to Supplies expense account  (increases of expense)

Credit to Supplies stocks account (decreases of asset)

statement of owner's equity;

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