The balance in the supplies account, before adjustment at the end of the year, is $3,915. Journalize

Question:

The balance in the supplies account, before adjustment at the end of the year, is $3,915. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,750.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial and Managerial Accounting

ISBN: 978-0538480895

11th Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

See More Books

Question Posted: Oct 14, 2011 04:52 AM

See More Questions

At the end of fiscal year 2012 (September 30, 2012), the U.S. government owed $16.2 trillion. Who owns that debt? The following table lists the amounts owed as of September 30, 2012. Use a graphical...
The inventory at the end of the year was understated by $23,950. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance sheet...
At the end of every year NIKE and adidas record inventory write-downs for items (footwear and apparel) that have lost value due to a variety of reasons, such as changing styles, defective...
The enzyme Stell participates in several distinct MAP kinase signaling pathways in the budding yeast S. cerevisiae. What is the substrate for Ste 11 in the mating factor signaling pathway? When a...
Following the preparation of the bank reconciliation for Lolitta Services, a correcting journal entry was needed. A cheque issued for the correct amount of $960 for a payment on account was recorded...
1. The expected return on the market portfolio is 9%. The risk free rate is 5%. The variance of the market portfolio returns is 0.08 and the covariance of the market and GE returns is 0.06. a....
Managers seem to be concerned about EBITDA quite a bit. What is it that EBITDA really communicates to managers?
Red, White, Blue, and Orange report taxable income as follows. Corporation Taxable Income Red ........... $ 99,000 White ........... 330,000 Blue ........... 900,000 Orange .......... 40,000,000 a....
You have a portfolio consisting solely of shares G and share W. The portfolio has an expected return of 13.64%. Share G has an expected return of 8.2% while share W is expected to return 16.2%. What...
The first quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 15, 2021. For the taxes, assume the second February payroll amounts were duplicated for the March 5 and March...
The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the...
At August 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated,...
An analog signal x(t) consists of the sum of two components x 1 (t) and x 2 (t). The spectral characteristics of x(t) are shown in figure. The signal x(t) is bandlimited to 40 kHz and it is sampled...
Travis Department Store uses a periodic inventory system. The adjusted trial balance of Travis Department Store at December 31, 2024, follows: TRAVIS DEPARTMENT STORE Adjusted Trial Balance December...
Sketch the curves using the equations given in Problems 28-51. $x^{2}+y^{2}=50$
Sketch the graph of each equation in Problems 3-30. $y=-\frac{1}{10} x^{2}$
Sketch the graph of each equation in Problems 3-30. $x=-3 y^{2}$
A homogeneous sphere of mass $M$ and radius $R$ initially stationary on top of the inclined plane in A with its center at an altitude $h_{A}=5.0 \mathrm{~m}$ rolls along the plane AB inclined...
What is meant by the "institutionalization" of capital markets?
What are some of the possible sources of information about a company that could be used for determining the companys competitive stance?
Discuss the main features of a credit default swap.
Your boss asks you to examine the following income statement of Hamilton Hardware and Watson Glass: In the notes to the financial statements, you notice that Hamilton Hardware uses the Straight-line...
Tony began a small retailing operation on January 1, 2012. During 2012, the following transactions occurred: 1. Tony contributed $20,000 of his own money to the business. 2. $60,000 was borrowed from...
Driftwood shipbuilders entered into the following transaction during 2012: 1. Sold $6,000 of no-par common stock. 2. Purchased $6,000 of inventory on account. 3. Purchased new equipment for $5,000 in...
During October 2 0 2 3 , Fern Field Farms, Inc. received $ 1 0 , 0 0 0 from customers in exchange for fruit and vegetables. During the same month, the company paid $ 2 , 0 0 0 to employees, $ 5 0 0...
Given data below answer the question. Cash Accounts receivable $ 10,200 Cash dividends 15,200 Consulting revenue Office supplies 3,550 Rent expense $ 2,340 15,200 3,910 Office equipment 18,310 Land...
Last year, a city had three school districts: North with a population of 5200 children, South with a population of 10600 children, West, with a population of 15100 children. Use Hamilton, Adams,...

The balance in the supplies account, before adjustment at the end of the year, is $3,915. Journalize

Question:

Step by Step Answer:

Supplies Exp...View the full answer

Financial and Managerial Accounting

Students also viewed these Accounting questions