The office supplies purchased during the year total $4,570, and the amount of office supplies on hand at the end of the year is $460.
a. Record the following transactions directly in T accounts for Office Supplies and Office Supplies Expense, using the system of initially recording supplies as an asset:
(1) Purchases for the period;
(2) Adjusting entry at the end of the period.
Identify each entry by number.
b. Record the following transactions directly in T accounts for Office Supplies and Office Supplies Expense, using the system of initially recording supplies as an expense:
(1) Purchases for the period;
(2) Adjusting entry at the end of the period.
Identify each entry by number.