The balance in the supplies account, before adjustment at the end of the year, is $2,389. Journalize
Question:
The balance in the supplies account, before adjustment at the end of the year, is $2,389. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $830.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
Supplies Ex...View the full answer
Answered By
Elias Gichuru
am devoted to my work and dedicated in helping my clients accomplish their goals and objectives,providing the best for all tasks assigned to me as a freelancer,providing high quality work that yields high scores.promise to serve them earnestly and help them achieve their goals.i have the needed expertise,knowledge and experience to handle their tasks.
4.80+
325+ Reviews
859+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
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...
-
The inventory at the end of the year was understated by $8,750. (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 inventory shrinkage at the end of the year was understated by $18,500. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the...
-
The General Auditors Office (GAO) of ABC jurisdiction issued a report on the XYZ Electric Cooperative, a large member-owned utility. This report reviewed the work of MNO Consulting. MNO found...
-
(a) A sample of hydrogen gas is generated in a closed container by reacting 2.050 g of zinc metal with 15.0 mL of 1.00 M sulfuric acid. Write the balanced equation for the reaction, and calculate the...
-
Credit card fraud is becoming a serious problem for the financial industry and can pose a considerable cost to banks, credit card issuers, and consumers. Fraud detection using data mining techniques...
-
Explain why the sample variance formula is \[\sum_{i=1}^{N} \frac{\left(y_{i}-\bar{y} ight)^{2}}{N-1}\] instead of \[\sum_{i=1}^{N} \frac{\left(y_{i}-\bar{y} ight)^{2}}{N}\]
-
Presented here are an incomplete income statement and balance sheet for Schwenke Corporation. Additional information: 1. The gross profit margin is 40%. 2. The income tax rate is 20%. 3. The...
-
During 2021, Albert redeems Series EE savings bonds for $6,000 - - consisting of $2,000 interest and $4,000 principal. Albert has net qualifying education expenses of $5,000 in 2021. Albert, a single...
-
The personnel director of Hatch Financial. which recently absorbed another firm, is now downsizing and must relocate five information systems analysts from recently closed locations. Unfortunately,...
-
Two income statements for Cornea Company are shown below. a. Prepare a vertical analysis of Cornea Companys income statements. b. Does the vertical analysis indicate a favorable or an...
-
The supplies and supplies expense accounts at December 31, after adjusting entries have been posted at the end of the first year of operations, are shown in the following T accounts: Determine the...
-
Describe the advantages and disadvantages a company may experience by adopting a concurrent engineering approach over traditional serial development methods.
-
The draft statement of profit or loss for Harris Ltd for the 9 months ending 30 September 2022 is given below: Sales Cost of sales Gross profit Administration salaries Insurance Rent Advertising...
-
We have a loan with monthly payments, an annual interest rate of 6%, paying off the $70,000 loan completely in a 10 year period. Payments are scheduled at the end of the period. Using Excel's PMT...
-
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $12 par value Paid-in capital in excess of par value, common stock...
-
The risk-free interest rate is 3% annualized and continuously compounded. Assume the market is frictionless. When you plot the forward curves below, you may choose to either (i) use the analytical...
-
For the given open-loop transfer function, design a PD controller using root-locus (angle and magnitude conditions) to shape the closed-loop step response with a settling time of 1 second and a 10%...
-
Suppose we let p 2 = 0 and write p 1 = p 3 = p in the trinomial scheme. By matching the mean and variance of (t) and a (t) accordingly show that the parameters v and p obtained by solving the above...
-
Identify Thank You mission, strategy and core competencies. Identify strategy changes that have taken place at Thank You since its founding in 2008. Your answer must in text references and must be...
-
For the public capital data, given on the Springer website, perform the tests described in Table 5.4. Table 5.4 Testing for serial correlation and individual effects Null hypothesis Ho Alternative...
-
Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost: a. Depreciation of robotic...
-
Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost: a. Depreciation of robotic...
-
Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost: a. Depreciation of robotic...
-
Calculating Present Values Imprudential, Inc., has an unfunded pension liability of $645 million that must be paid in 25 years. To assess the value of the firm's stock, financial analysts want to...
-
Describe the operating activities of each company noting similarities and difference between COCA COLA & PEPSICO. Identify two economy wide factors and industry wide factors that could impact on the...
-
The trial balance for a company listed the following account balances at December 31, Year 1, the end of its fiscal year: cash, $36,000; accounts receivable. $31,000; Inventory, $45,000; equipment...
Study smarter with the SolutionInn App