Novak corp has an opening balance in it suspplies account for $2930 and purhcases $3660 of supleis during the year. A year-end physical count shows $2740 in supplies inventory. Which is the appropriate journal entry at year end?
a. Dr Supplies $3660
Cr Cash $3660
b. Dr Supplies $2550
Cr Supplies Expense $2550
c. Dr Supplies Expense $2550
Cr Supplies $2550
d. Dr Supplies Expense $2740
Cr Supplies $2740