On January 1,Ogden Inc

True/False

On January 1,Ogden Inc.had $2,000 of supplies on hand.During January,Ogden purchased $4,000 worth of new supplies.At the end of the month,a count revealed $1,000 worth of supplies remaining on the shelves.The adjustment entry needed will include a debit to Supplies Expense of $5,000.The supplies were initially recorded as an asset.