Use the following information to answer the following questions pertaining to the adjusting entries of Smart Ideas.
Question:
Use the following information to answer the following questions pertaining to the adjusting entries of Smart Ideas. Smart Ideas started operation on December 1.
The company purchased $3,000 of supplies. The transaction was recorded as a debit to Supplies and a credit to Accounts Payable. Smart Ideas’ financial statements are prepared on a monthly basis at the end of each month. On December 31, remaining supplies were estimated at $500.
a. State the date for the record of the December adjusting entry.
b. State the number of accounts involved in the adjusting entry.
c. Which account should be debited?
d. Which account should be credited?
e. State the debit and the credit amounts.
f. If the adjusting entry was not made on December 31, what would be the effect on the company’s financial statements?
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