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8. A merchandising company shows $8,843 in the Supplies account on the preadjusted trial balance. After...

8. A merchandising company shows $8,843 in the Supplies account on the preadjusted trial balance. After taking inventory of the actual supplies, the company still owns $3,638. a. How much was used or expired? b. Write the adjusting entry.

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Answer #1

The Supplies used or expired is $ 5205.

The adjusting entry for the same is as under:

Supplies expense Account Dr.           $5205

      Office supplies Account                            $5205

Explanation:

Balance in Office supplies Account: $ 8843

Less: Actual Supplies in hand                           $ 3638

Supplies consumed or used or expired:              $ 5205

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