The office supplies account had a $240 debit balance on december 31, 2016. during 2017, $5,200 of office supplies are purchased. a physical count of supplies at december 31, 2017, shows $440 of supplies available answers

If you are looking for the adjusting entry at the end of the year, it would be:

 Office Supplies Expense 5000                Office Supplies 5000

The amount to be recorded is 5000 because:

Beginning supplies is $240

Then there is an additional supplies $5,200

So there is a total of 5,440 supplies.

But the ending inventory is $440.

Deduct the $440 from the $5440 which will give us $5,000. This is to make sure that the amount in the journal entry at the end of the year will be same with the physical count of the supplies.

Wite quickly without over thinking .