Question: Madisson s Flower Shop s Office Supplies balance on October 1 is
Madisson’s Flower Shop’s Office Supplies balance on October 1 is $1,500 and the balance in Office Supplies Expense is $0. On October 31, there is $500 of supplies on hand. Journalize and post the adjusting entry on October 31 for the supplies used. Compute the balances of the two accounts involved on October 31.
Answer to relevant QuestionsIn order to purchase equipment and supplies, Salem Bike Shop, Inc., borrowed $36,000 on August 1 by signing a note payable to Community One Bank. Interest expense for Salem Bike Shop, Inc., is $300 per month. Journalize an ...For the following series of journal entries, indicate whether each is an adjusting entry (ADJ) or a closing entry(CL).The accounting records of Media Unlimited include the following unadjusted balances at September 30: Accounts Receivable, $1,800; Supplies, $900; Salaries Payable, $0; Unearned Service Revenue, $900; Service Revenue, $4,300; ...The following is the adjusted trial balance of Lending Hand, Inc., for December 31, 2012.Requirement1. Journalize the closing entries at December 31, 2012.The adjusted trial balances of XYZ, Inc., at August 31, 2012, and August 31, 2013, include these amounts:Analysis of the accounts at August 31, 2013, reveals these transactions for the past twelve months:Purchases of ...
Post your question