Answer each of the following independent questions concerning supplies and the adjustment for supplies.
a. The balance in the supplies account, before adjustment at the end of the year, is $4,000. What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $1,750?
b. The supplies account has a balance of $1,100, and the supplies expense account has a balance of $3,100 at December 31, 2013. If 2013 was the first year of operations, what was the amount of supplies purchased during the year?

  • CreatedFebruary 04, 2014
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