Question

The Supplies account has a trial balance of $3,186. A year-end inventory shows $1,744 worth of...

The Supplies account has a trial balance of $3,186. A year-end inventory shows $1,744 worth of supplies left at the end of the year. The correct adjusting entry is:

  • debit Supplies Expense $1,744; credit Prepaid Supplies $1,744

  • debit Supplies $1,442; credit Supplies Expense $1,442

  • debit Supplies Expense $1,442; credit Supplies $1,442

  • debit Supplies Expense $3,186; credit Supplies $3,186

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Adjusting journal entry to record for the supplies

Accounts Tittles and Explanations

Debit ($)

Credit ($)

Supplies Expense A/c

1,442

    To Supplies A/c

1,442

[Being the adjusting journal entry passed to record for the supplies expense for the year]

The amount of supplies expense to be recorded for the year = Supplies at the beginning of the year – Supplies on hand at the end of the year

= $3,186 - $1,744

= $1,442

“Hence, the answer will be Debit Supplies Expense $1,442; Credit Supplies $1,442”

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1A. At year end, a physical count of office supplies reveals that $3,000 of supplies were...
1A. At year end, a physical count of office supplies reveals that $3,000 of supplies were used up but no adjusting entry was made to account for this. If this error is found, it will most likely be because a. the trial balance would be out of balance by $3,000 b. the trial balance would be out of balance by $6,000 c. the trial balance would be out of balance by $1,500 d. none of the above 1B. If the...
1. Schramel Advertising Company’s trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0....
1. Schramel Advertising Company’s trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $2,100 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. Prepare adjusting entry for supplies. 2. At the end of its first year, the trial balance of Wolowitz Company shows Equipment $30,000 and zero balances in...
On January 1, the Office Supplies account had a $600 balance. On December 31 (end of...
On January 1, the Office Supplies account had a $600 balance. On December 31 (end of year), a count revealed that $400 of supplies were still unused. During the year, $800 of supplies were purchased and recorded as an expense. The required adjusting journal entry to be recorded on December 31 is Group of answer choices Debit Supplies Expense 1,000, credit Supplies 1,000 The correct answer is not listed. Debit Supplies Expense 200, credit Supplies 200 Debit Supplies Expense 800,...
Brief Exercise 3-03 Sandhill Advertising Company’s trial balance at December 31 shows Supplies $8,000 and Supplies...
Brief Exercise 3-03 Sandhill Advertising Company’s trial balance at December 31 shows Supplies $8,000 and Supplies Expense $0. On December 31, there are $2,900 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31...
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.
The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31,...
The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 231,860 Supplies 6,255 Prepaid Rent 11,000 Equipment 395,285 Accumulated Depreciation $224,260 Accounts Payable 72,555 Wages Payable 0   Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 893,105 Interest Income 1,500 Rent Expense 60,500 Wages Expense 527,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 144,000   Interest Expense 6,840 _______      Totals $1,522,565 $1,522,565 Adjusting Items: 1....
Flint Hills, Inc. has prepared a year-end 2018 trial balance. Certain accounts in the trial balance...
Flint Hills, Inc. has prepared a year-end 2018 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. The Supplies account shows a balance of $680, but a count of supplies reveals only $280 on hand. Flint Hills initially records the payments of all insurance premiums as expenses. The trial balance shows a balance of $490 in Insurance expense. A review of insurance policies reveals that $160 of insurance is unexpired. Flint Hills employees...
A partial adjusted trial balance of Crane Company at January 31, 2021, shows the following. CRANE...
A partial adjusted trial balance of Crane Company at January 31, 2021, shows the following. CRANE COMPANY Adjusted Trial Balance January 31, 2021 Debit Credit Supplies $2,900 Prepaid Insurance 10,500 Salaries and Wages Payable $3,400 Unearned Revenue 4,200 Supplies Expense 4,300 Insurance Expense 1,750 Salaries and Wages Expense 7,800 Service Revenue 8,600 Answer the following questions, assuming the year begins January 1. If the amount in Supplies Expense is the January 31 adjusting entry, and $2,700 of supplies was purchased...
Brief Exercise 3-3 Wow Advertising Company’s trial balance at December 31 shows Supplies £7,654 and Supplies...
Brief Exercise 3-3 Wow Advertising Company’s trial balance at December 31 shows Supplies £7,654 and Supplies Expense £0. On December 31, there are £1,811 of supplies on hand. Prepare the adjusting entry at December 31 and, using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.
A partial adjusted trial balance of West Company at January 31, 2018, shows the following. WEST...
A partial adjusted trial balance of West Company at January 31, 2018, shows the following. WEST COMPANY Adjusted Trial Balance January 31, 2018 Debit Credit Supplies $ 2,800 Prepaid Insurance 9,600 Salaries and Wages Payable $3,200 Unearned Revenue 3,000 Supplies Expense 3,800 Insurance Expense 1,600 Salaries and Wages Expense 7,200 Service Revenue 8,000 Instructions: Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $3,400 of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT