Question

The balance in the supplies account, before adjustment at the end of the year, is $5,330....

The balance in the supplies account, before adjustment at the end of the year, is $5,330. The year end is December 31.

Journalize the December 31 adjusting entry required if the amount of supplies on hand at the end of the year is $1,875. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHART OF ACCOUNTS
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Prepaid Insurance
15 Land
16 Equipment
17 Accumulated Depreciation-Equipment
19 Accumulated Depreciation-Automobiles
LIABILITIES
21 Accounts Payable
22 Unearned Fees
23 Salaries Payable
24 Taxes Payable
EQUITY
31 John Doe, Capital
32 John Doe, Drawing
REVENUE
41 Fees Earned
EXPENSES
51 Advertising Expense
52 Insurance Expense
53 Rent Expense
54 Salary Expense
55 Supplies Expense
56 Utilities Expense
57 Depreciation Expense
59 Miscellaneous Expense

Homework Answers

Answer #1

Answer:

Adjusting entry for supplies at the end of the year:

General Journal

Date        

Description

Ledger Folio

Debit ($).

Credit ($)

December 31

Supplies expense

55

3,455*

                          

             Supplies

13

3,455

*Supplies expense

= Balance before adjustment -Ending balance

= $ 5,330 - $ 1,875

= $ 3,455

$ 3,455 worth of supplies has been used during the year, so it is considered as supplies expense. And balance in supplies account before adjustment will reduce by $ 3,455 leaving ending balance of $ 1,875.

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