Showing posts with label Supplies Expense. Show all posts
Showing posts with label Supplies Expense. Show all posts

Thursday, 30 June 2016

The balance in the supplies account, before adjustment at the end of the year, is $2,389

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.

Answer:

Supplies Expense 1,559  Supplies  1,559 Supplies used ($2,389 – $830).