Question

Supplies were purchased on January 1, 2019; inventory of supplies on January 31,2019,is $950.

Supplies were purchased on January 1, 2019; inventory of supplies on January 31,2019,is $950.

Homework Answers

Answer #1

Supplies Expense a/c                  Dr.         ( X - 950 )

         To Supplies                                                 ( X -950)

(Supplies purchased - 950 )

Since supplies purchased amount is not provided I have taken it as X

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On January 1, 2019, the merchandise inventory of Colton Inc. was $800,000. During 2019, Colton purchased...
On January 1, 2019, the merchandise inventory of Colton Inc. was $800,000. During 2019, Colton purchased $1,600,000 of merchandise and recorded sales of $2,000,000. The gross profit rate on these sales was 25%. Using the gross profit method, what is the estimated merchandise inventory of Colton at December 31, 2019? A. $500,000 B. $900,000 C. $1,500,000 D. $400,000
Farah Travel Agency had a balance of $750 in Supplies account on January 1 2017. During...
Farah Travel Agency had a balance of $750 in Supplies account on January 1 2017. During the month, the Agency purchased supplies costing $2,500. On January 31 an inventory count showed that $900 of supplies were still on hand. What is the supplies expense for the month of January?
On July 1, 2019, Alpha Company purchased inventory from its Japanese supply source. Terms of sale...
On July 1, 2019, Alpha Company purchased inventory from its Japanese supply source. Terms of sale were 100,000 yen, due 30 days from the date of purchase.  On July 30, 2019, Alpha paid for the supplies purchased on July 1. The exchange rate for the yen was $0.01 on the date of purchase, and $0.0098 on the date of payment. Use this information to prepare Alpha Company's general journal entries to record the purchase and payment for inventory purchased from its...
Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019,...
Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019, the first month of operations, is shown below. End-of-the-month adjustments must account for the following items: Supplies were purchased on January 1, 2019; inventory of supplies on January 31, 2019, is $1,050. The prepaid advertising contract was signed on January 1, 2019, and covers a four-month period. Rent of $1,550 expired during the month. Depreciation is computed using the straight-line method. The equipment has...
If Bounder Dog Supplies, Inc. purchased inventory at $1,800 list price and the terms were 3/10,...
If Bounder Dog Supplies, Inc. purchased inventory at $1,800 list price and the terms were 3/10, n/60, what would be the value associated with the inventory if payment was made within 10 days? Multiple Choice $1,746. $1,764. $1,800. $1,854.
record the necessary journal entries required at the end of January. Prepaid rent for the year...
record the necessary journal entries required at the end of January. Prepaid rent for the year on January 1, 2019. Rent expired during the month of January 2019, $2,000. Purchased supplies for $7,600 on January 1, 2019. Inventory of supplies was $1,600 on January 31, 2019. Depreciation is computed using the straight-line method. Equipment purchased on January 1, 2019, for $15,000 has an estimated useful life of 5 years with no salvage value. Signed a 3-month contract for $600 of...
Frederick Company's January 1, 2018 finished goods inventory was $94,000. The January 1, 2019 finished goods...
Frederick Company's January 1, 2018 finished goods inventory was $94,000. The January 1, 2019 finished goods inventory is $81,000.  Cost of goods manufactured for the FY 2018 was $387,000. Use this information to determine the dollar amount of the FY 2018 cost of goods sold. (Round dollar values & enter as whole dollars only.)
Baldwin, Inc. had the following balances and transactions during 2019: Beginning Merchandise Inventory as of January...
Baldwin, Inc. had the following balances and transactions during 2019: Beginning Merchandise Inventory as of January 1, 2019 125 units at $81 March 10 Sold 50 units June 10 Purchased 225 units at $86 October 30 Sold 175 units What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2019 if the perpetual inventory system and the first− in, first−out inventory costing method are used?
Baldwin Company had the following balances and transactions during? 2019: Beginning Merchandise Inventory as of January?...
Baldwin Company had the following balances and transactions during? 2019: Beginning Merchandise Inventory as of January? 1, 2019 150 units at $82 March 10 Sold 80 units June 10 Purchased 270 units at $84 October 30 Sold 230 units What would be reported as Cost of Goods Sold on the income statement for the year ending December? 31, 2019 if the perpetual inventory system and the first??in,First?out inventory costing method are? used? A. $25,740 B. $19,180 C. $12,300 D. $34,980
Jameson Company had the following balances and transactions during? 2019: Beginning Merchandise Inventory as of January?...
Jameson Company had the following balances and transactions during? 2019: Beginning Merchandise Inventory as of January? 1, 2019 160 units at $72 March 10 Sold 80 units June 10 Purchased 100 units at $79 October 30 Sold 100 units What would be reported for Cost of Goods Sold on the income statement for the year ending December? 31, 2019 if the perpetual inventory system and the Lastminus??in, first?out inventory costing method are? used? A. $5,760 B. $12,960 C. $13,660 D....