Answered: Explain the adjusting entries of…

Business

Accounting

Explain the adjusting entries of inventories of supplies.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 5MC

See similar textbooks

Related questions

Q: Define adjusting entries and discuss their purpose.

A: Adjusting entries:Adjusting entries are the journal entries, which are recorded at the end of the…

Q: What is the purpose of making adjusting entries?

A: The purpose of making the adjustment entry is to make the accounts upto date and the period to which…

Q: How to calculate inventories

A: Inventories are the assets for the business in which the company is dealing for earning the income…

Q: How do you enter an adjusting entry for Inventory?

A: Inventory adjustment Fluctuation in the inventory is a serious issue for a business entity. The…

Q: Can you help me with the adjust ledger sheet?

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Q: PREPARE THE ADJUSTING ENTRIES.

A: Adjusting entries are entries passed at the end of the period to accurately present income,…

Q: Explain how to prepare adjusted trial balance.

A: An adjusted trial balance is an internal document that summarizes all of the current balances…

Q: Assume the following adjustment data and prepare the adjusting entries.

A: The journal entries are prepared to keep the record of day to day transactions of the business. The…

Q: What differences between adjusting entries and closing entries?

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: Third classification of adjusting entries is estimates. Describe about the estimates.

A: Accountants must make estimates in order to comply with the accrual accounting model.

Q: What is the accounting treatment for supplies inventories if the purchases method is used to record…

A: Supplies generally form a part of current assets of the entity and represent the amount of supplies…

Q: How to post adjusting entries onto the general ledger

A: Adjusting entries are recorded at the end of the year to show correct amount of revenue and expenses…

Q: Why are the debit and credit entries in the Adjustments columns of the work sheet identified with…

A: Adjusting Entry: An adjusting entry is a journal entry passed before issuing a company’s financial…

Q: a. Prepare the necessary adjusting entry.

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Prepare the Adjusting Journal Entry

A: Journal entries recording is the first step of accounting cycle process. Under this, atleast one…

Q: Give examples of all key types of adjusting accounts.

A: Adjusting Entries Adjusting entries are refer as the journal entries which are pass according to the…

Q: Prepare a ledger, trial balance, and prepare adjusting entries

A: The following points are to be kept in mind while preparing entries, ledger and trial balance: 1.…

Q: Requirements: a. Journalize each transaction and prepare the necessary adjusting entries.

A: The transactions for the month of Dec 2021 for K-Dynamite company are given to us. The Company has…

Q: sample of Adjusting entries on worksheet

A: Adjusting journal entry is an entry in the ledger of the firm that occurs at the end of the period.…

Q: Define adjusting entries.

A: Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting…

Q: What are the characteristics of Adjusting Entries?

A: Adjusting entries are entries passed at the end of the period to accurately reflect income,…

Q: Prepare the adjustments on the worksheet and complete the worksheet. Journalize the adjusting…

Q: Summarize the adjusting process.

Q: A. Prepare the adjustment entries.

A: Journal entry refers to a process of recording/ classifying business transactions into books of…

Q: Define accrued liabilities. What adjusting journal entry is required to record accrued liabilities?

A: The accrued liabilities means that the amount will be paid in the future period for the expenses…

Q: Prepare journal entries to record the following adjustments. If an amount box does not require an…

A: Journal entries:- Journal entries are the initial entries that are recorded in the books of…

Q: When is it necessary to estimate inventories?

A: Inventories are resources which are held to be sold in the market. Inventories can be in the form of…

Q: Requirement: Prepare adjusting entries

A: Adjusting Entries are the journal entries made at the end of the accounting period after the Trial…

Q: Based on the information, Determine the adjusted balances of Inventory,Accounts…

A: Adjusted balance can be defined as those amount of balance determined after the closure of books. It…

Q: Describe the purpose what do adjusting entries serve?

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Describe the purpose of adjusting entries.

A: Adjusting entries: Adjusting entries are the journal entries, which are recorded at the end of the…

Q: How do I tell what the adjusting entries are on a partial work sheet?

A: Adjusting entries are listed in a separate column in the worksheet. The adjusted trail balance is…

Q: Distinguish between the packing slip, a shipping notice, and a bill of lading.

A: • The details of cargo delivered to the respective consignee with all the needful data and numbers…

Q: What is the difference between adjusting entries and closing entries?

A: Adjusting entries are the journal entries passed at the end of period to adjust the revenues and…

Q: Complete the worksheet by entering adjustments and prepare adjusted trial balance.

A: Trial balance: It is referred to as a balance of balances. A trial balance is a statement prepared…

Q: Adjusting entries required

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

Q: prepare the adjusting entries...

A: Adjusting Entry is the entry done at the end of the accounting period to record transactions that…

Q: Is Warehouse included in a post closing trial balance?

A: All balance sheet accounts with non-zero balances at the conclusion of an accounting cycle are…

Q: How to adjust entries for refunds allowances and returns

A: In the case of Sales return, sale account should be debited and the customer account should be…

Q: A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase…

A: Answer: Option c.

Q: Explain how to record the purchase of supplies.

A: Supplies are the consumable assets, which are ordinarily consumed in an organization. Supplies…

Q: Prepare journal entries to record the transactions, assuming perpetual inventory system.

A: Journal Entries: are the first recording of any transaction in the books of accounts. These entries…

Q: Prepare adjusting entries using the following information in the General Journal below. Show your…

A: Journal records all the transactions of the entity which will then be used by the auditors and…

Q: I need to make adjustments on the end-of-period worksheet using the adjusting journal entries

A: The question is related to year end adjustment for the transactions usinh adjustment Joural entires.

Q: nature of the adjusting process and then summarize the adjustment process

Question

Explain the adjusting entries of inventories of supplies.

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Concept of supplies and supplies expense

VIEW

Step 2 Adjusting entry for supplies

VIEW

Step 3 Example

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.