At the beginning of the month, Supplies were $500. During the month, the company purchased $600 of
Question:
At the beginning of the month, Supplies were $500. During the month, the company purchased $600 of supplies. At month’s end, November 30, $400 of supplies were still on hand.
a. What was the cost of supplies used during the month? Where is this item reported?
b. Where is the ending balance of supplies reported?
c. Make the adjusting entry to update the Supplies account at the end of the month.
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Related Book For
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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