Question: View Policies Current Attempt in Progress Cullumber Company's general ledger showed $870 in the Supplies account on January 1, 2021. On May 31, 2021, the
View Policies Current Attempt in Progress Cullumber Company's general ledger showed $870 in the Supplies account on January 1, 2021. On May 31, 2021, the company paid $3,225 for additional supplies. A count on December 31, 2021, showed $1,020 of supplies on hand. Prepare the journal entry to record the purchase of supplies on May 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation May 31 Calculate the amount of supplies used in 2021. Supplies used $ Debit Credit Prepare the adjusting entry required at December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
