Using Excel to Record Transactions

PROBLEM

Burns Consulting Company's maintains a general ledger for Supplies. A count on May $31,2024,$ determined the supplies on hand. The following cost information is available for the company's Supplies account.

January $1,$ Supplies on hand May $31,$ Purchase on account December $31,$ Supplies on hand

Student Work Area

Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work areas as indicated.

a$.$ Prepare the journal entry to record the purchase of swpplies on May $31,$

Date

Debit

Credit

May $31$

b$.$ Calculate the amount of supplies used during $2024.$

c$.$ Prepare the adjusting entry required at December $31,2024.$

Date

Dec. $31$

Debit

Credit