Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500.
Question:
Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On December 31, a physical count revealed that the remaining supplies totaled $1,200. There was no beginning of the year balance in the Supplies account. Based on the information provided:
A. Create journal entries for the original transaction
B. Create journal entries for the December 31 adjustment needed to bring the balances to correct
C. Show the activity, with ending balance
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted: