On January 1, the company had office supplies costing $4,600. On March 23, the company bought additional
Question:
On January 1, the company had office supplies costing $4,600. On March 23, the company bought additional office supplies costing $8,200. The company paid cash. On December 31, a physical count of office supplies revealed that supplies costing $2,900 remained.
1. Make the journal entry necessary on the company’s books on March 23 to record the purchase of office supplies.
2. Make the adjusting entry necessary on December 31 with respect to office supplies.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (16 reviews)
1 Mar 23 Office Supplies 8200 Cash 8200 2 Dec 31 Office Supplies Expense 9900 ...View the full answer
Answered By
Bhartendu Goyal
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions. I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life. I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge. I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields. Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a tea...
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Question Posted:
Students also viewed these Accounting questions
-
On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to $ 185,294. The Merchandise...
-
On January 1 the previous balance for Lynn's charge account was $569.80. On the following days, purchases were posted: On January 16 a $50 payment was posted. Using the average daily balance method,...
-
A retail company recently completed a physical count of ending merchandise inventory to use in preparing adjusting entries. In determining the cost of the counted inventory, company employees failed...
-
A firm has initial fund of $800. The market rate of return is 12%. The firm has identified good investment opportunities to invest $640 at an average 25 per cent rate of return. How much dividend...
-
Information for SpongeFun Products is provided in P8-36B. Instructions (a) Assume the company uses normal costing and uses the budgeted volume of 60,000 units to allocate the fixed overhead rate...
-
The books of Adarsh Manufacturing Company present the following data for the month of April 2007: Direct labour cost Rs. 17,500 being 175% of works overheads Cost of goods sold excluding...
-
Dave Parrett, sales manager for Ace Chemicals, is wrestling with the issue of how to get Kay Powers back on track. Kay has been with the company for 20 years. Historically, she had been one of the...
-
Below are listed various costs that are found in organizations. 1. Hamburger buns in a Wendys outlet. 2. Advertising by a dental office. 3. Apples processed and canned by Del Monte. 4. Shipping...
-
Could I obtain assistance with these . problems? 1. Find the coordinates of the turning points of the curve y=3x^4-8x^3-30x^2+72x+5. Determine the nature of these points. "Determine the nature"...
-
Refer to Exercise 4. Alejandro, who sent 92 texts, has a standardized score of z=1.89 . a. Interpret this z-score. b. The standard deviation of the distribution of number of text messages sent over...
-
The company pays its employees at the end of the day Friday for work done during that five-day workweek. Total wages for a week are $16,000. In the current year, December 31 occurred on a Tuesday.0...
-
Before any adjusting entries were made, the company prepared the following trial balance as of December 31: In order to make the adjusting entries, the following information has been assembled: a....
-
(a) Given a configuration of n points ai........a" in the plane, explain how to find the point x ¬ R2 that minimizes the total squared dis- (b) Apply your method when (i) a1 = (1.3), a2 = (-2,5);...
-
Problem Four The following are transactions of Metro Company: 2005 Nov 16 Accepted a $3,700, 90-day, 12% note dated this day in granting Bess Parker a time extension on her past due account. Dec 31...
-
What Father Charles E. Coughlin favored ? to put more money into the economy during the Great Depression.
-
Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, Incorporated, to dispense frozen yogurt products under The Yogurt Place name. Mr. Swanson has assembled the following...
-
Regional economic integration can have both positive and negative impacts on factors of employment, such as?
-
1) Find out the information about the foreign exchange for the following countries. USA EUROPE JAPAN UK 2) Compare and contrast the foreignexchange for year 2023 and give detail information about...
-
Heidelberg Cement, one of the worlds largest building materials companies is concerned about preserving the wealth of its stockholders during a cyclical downturn in the building and construction...
-
For what reason might an exporter use standard international trade documentation (letter of credit, draft, order bill of lading) on an intrafirm export to its parent or sister subsidiary?
-
Refer to the partially completed table of the six basic solutions to the e-system Describe geometrically the set of points in the plane such that s 1 (A) (B) (C) (D) (E) (F) 2x1 + 5x2 + S = 32 x + 2x...
-
Consider the following industries and indicate whether you think each would have a low or high current ratio (e.g., above or below 1.25). Explain your thinking. a. Telecommunications (like Rogers...
-
One controversial accounting issue is accounting for research costs. IFRS require research costs to be expensed as incurred. Some people argue that research is a legitimate asset and expensing it...
-
Nywening Ltd. (Nywening) operates in a highly competitive industry. Price is very important to most customers and it's very difficult for small operators such as Nywening to differentiate themselves...
-
What is Fibonacci heap? Explain CONSOLIDATE operation with suitable example for Fibonacci heap ?
-
Discuss the impact of global supply chain disruptions, exacerbated by events like the COVID-19 pandemic, on inventory management strategies and market resilience across various industries?
-
A pharmaceutical retailer decided to host a website for home delivery of medicines according to user orders. The web application is deployed on a single Amazon EC2 instances. within a few months, the...
Study smarter with the SolutionInn App