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Following Transactions occurred during September 2020 1.Invested $10000 cash in exchange ordinary shares 2. Purchase...

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Accounting

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Following Transactions occurred during September 2020 1.Invested $10000 cash in exchange ordinary shares 2. Purchase Supplies for cash by $3000 3. Performed Services by $2000 cash 4. Received $5000 cash for service not yet performed 5.Paid $1500 for rent expenses X company purchased supplies by $8,500 on Oct.1, 2020. at the end of Dec.31,2020 the supplies on hand was $2,500, what is the adjusting entry should be prepared on Dec.31,2020? O a Debit Supplies Exp. $2500 and Credit Supplies $2500. O b. Debit Supplies $2500 and Credit Supplies Exp. $2500, OC. Debit Supplies 56000 and Credit Supplies Exp. 56000, Od Debit Supplies Exp. $6000 and Credit Supplies 56000

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