The beginning balance of supplies is $4000. On December 31st, the physical count of remaining supplies, $500. Record the adjusting journal entries for the supplies used during the year.
Q: The beginning balance of supplies is $4000. On December 31st, the physical count of remaining…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The supplies account had a beginning balance of $1,921. Supplies purchased during the period totaled…
A: Supplies used = Beginning supplies balance + Supplies purchased during the period - Ending supplies…
Q: The supplies account had a beginning balance of $1,750. Supplies purchased during the period…
A: Given information: Beginning balance of supplies = $1,750 Supplies purchased during period = $3,500…
Q: The balance in the supplies account on June 1 was $5230, supplies purchased during June were $3480,…
A: In general, supplies are considered a current asset until they are used. When resources are…
Q: The balance in the supplies account, before adjustment at the end of the year, is $5,330.…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: DECEMBER 31, 20, ACCORDING TO THE TRIAL BALANCE, THE OFFICE SUPPLIES ACCOUNT HAS A BALANCE OF…
A: Adjusting entries are made to accurately allocate income and expenditures to each accounting…
Q: The supplies account had a balance of $1,296 at the beginning of the year and was debited during the…
A: Answer - Calculation of Supplies Expenses to be reported on the Income Statement for the Year -…
Q: Unlimited Doors showed supplies available during the year of $1,700. A count of the supplies on hand…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: The supplies account had a beginning balance of $1,931. Supplies purchased during the period totaled…
A: Formula: Supplies used = Beginning Supplies + Purchases during the period - Ending supplies on hand.
Q: The supplies and supplies expense accounts at December 31, after adjusting entries have been posted…
A: Solution:- Calculation of the amount of supplies purchased during the year as follows:-
Q: Bee-In-The-Bonnet Company purchased office supplies costing $6000and debited Office Supplies for the…
A: Office supplies used during the year = office supplies purchased - physical count of office…
Q: The beginning balance of supplies is $4000. On December 31st, the physical count of remaining…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The supplies account had a beginning balance of $1,763. Supplies purchased during the period totaled…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid…
A: Adjusting entries to reflect expiration of the insurance.
Q: The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were…
A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…
Q: In general journal form, record the December 31 adjusting entries for the following transactions and…
A: Adjusting Entries:- Adjusting entries helps to correct a mistake that made previously in the…
Q: The balance in the supplies account on June 1 was $5,000, supplies purchased during June were…
A: Office supplies means the any product used in office on regular basis. We do have office supplies at…
Q: The balance in the office supplies account on January 1 was $7,000, supplies purchased during…
A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…
Q: The Prepaid Insurance account began the year with a balance of $920. During the year, insurance in…
A: Note: Since opening balance, Insurance purchased and unexpired insurance are given, Insurance…
Q: a. The Supplies account has a $660 debit balance to start the year. No supplies were purchased…
A: At the end of the accounting period, the adjusting entries related to the supplies expenses are made…
Q: The supplies account had a beginning balance of $1,645. Supplies purchased during the period totaled…
A: Adjusting Entries: The term "adjusting entries" refers to journal entries made at the conclusion of…
Q: The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were…
A: Office supplies means the any product used in office on regular basis. We do have office supplies at…
Q: For each of the following prepare the journal to record the adjusting entry on December 31, 2020 for…
A: journal entry of above transaction areas follows
Q: The balance in the supplies account, before adjustment at the end of the year, is $10,680.…
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit the receiver, Credit the…
Q: The balance in the supplies account, before adjustment at the end of the year, is $9,000.…
A:
Q: he balance in the supplies account before adjustment at the end of the year is $808. The proper…
A: Answer are as follows:
Q: The balance in the supplies account before adjustment at the end of the year is $615. The proper…
A: Given that, Supplies on hand at the end of year = $248 Supplies before adjustment = $615
Q: The supplies account had a beginning balance of $1,694. Supplies purchased during the period totaled…
A: Adjusting journal entries records those transactions which requires adjustment at the end of the…
Q: The Prepaid Insurance account began the year with a balance of $460. During the year, insurance in…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: The balance in the supplies account before adjustment at the end of the year is $6,892. The proper…
A: Lets understand the basics. Adjustment entry is required to pass to record correct amount of revenue…
Q: The balance in the supplies account before adjustment at the end of the year is $748. The proper…
A: Adjusting entries are entries that are passed at the end of the year in order to correctly reflect…
Q: The balance in the office supplies account on June 1 was P5,200, supplies purchased during June were…
A: Office supplies account needs to be adjusted at the end of accounting period for the of of office…
Q: Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full…
A: Preparation of the journal entries is the first step in the double-entry system of bookkeeping.…
Q: A Company purchased supplies costing SAR 20,000. At the end of the accounting period, a physical…
A: To record the appropriate adjusting journal entry to be made at the end of the period for stock in…
Q: Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of…
A: Given Balance of supplier account (before adjustment ) is $4850 Amount of supplies on hand at the…
Q: he supplies account had a beginning balance of $3,375 and was debited for $6,450 for supplies…
A: Adjusting journal entries are used to record transactions that have occurred but have not yet been…
Q: Bramble Company purchased supplies costing $7170 and debited Supplies for the full amount. At the…
A: The question is based on the concept of Journal entry.
Q: The balance in the supplies account on June 1 was $5340, supplies purchased during June were $3450,…
A: Supplies used = Beginning balance in the supplies account + supplies purchased - Ending balance in…
Q: The balance in the supplies account, at the end of the year is 4,850. Journalize the adjusting…
A: Supplies used during the year = Balance in the supplies account - Supplies on hand at the end of the…
Q: Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On…
A: Supplies used = $8,500 - $1,200 Supplies used = $7,300
Q: Supplies
A: It is pertinent to note that supplies include printing and stationery equipment, postal stamps etc .…
Q: December 31, 20, according to the Trial Balance, the Office Supplies account has a balance of…
A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…
Q: The balance in the supplies account before adjustment at the end of the year is $717. The proper…
A: Current assets have a significant role to generate the revenue through day to day operations.…
Q: The balance in Carlos Company's supplies account on December 31 is $3,000. If the supplies used…
A: Supplies are those items which are expected to be used in the near future. Balance in supplies…
Q: The balance in the office supplies account on January 1 was $7,000, supplies purchased during…
A: Supplies used = Beginning balance in the office supplies account + supplies purchased - Ending…
Q: Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full…
A: The costs of the assets or services employed are referred to as expenses. Expense Journal entries…
Q: Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full…
A: Preparation of the journal entries is the first step in the double-entry system of bookkeeping.…
The beginning balance of supplies is $4000. On December 31st, the physical count of remaining supplies, $500. Record the
supplies Expense -
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- The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737Prepare journal entries to record the following business transaction and related adjusting entry. A. January 12, purchased supplies for cash, to be used all year, $3,850 B. December 31, physical count of remaining supplies, $800
- Determining supplies purchased The supplies and supplies expense accounts at December 31, after adjusting entries have been posted at the end of the first year of operations, are shown in the following T accounts: Determine the amount of supplies purchased during the year.The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows: ab. Merchandise Inventory at December 31, 104,565. c. Wages accrued at December 31, 934. d. Supplies inventory (on hand) at December 31, 755. e. Depreciation of store equipment, 4,982. f. Depreciation of office equipment, 1,531. g. Insurance expired during the year, 935. h. Rent earned, 2,450. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.The balances of the ledger accounts of Beldren Home Center as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows: ab. Merchandise Inventory at December 31, 102,765. c. Wages accrued at December 31, 1,834. d. Supplies inventory (on hand) at December 31, 645. e. Depreciation of store equipment, 5,782. f. Depreciation of office equipment, 1,791. g. Insurance expired during the year, 845. h. Rent earned, 2,500. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.
- The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.The trial balance for Wilson Financial Services on January 31 is as follows: Data for month-end adjustments are as follows: a. Expired or used-up insurance, 750. b. Depreciation expense on equipment, 300. c. Wages accrued or earned since the last payday, 1,055 (owed and to be paid on the next payday). d. Supplies used, 535. Required 1. Complete a work sheet for the month. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. 3. If using CLGL, prepare an adjusted trial balance. 4. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during January.The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: Required 1. Data for the adjustments are as follows: a. Expired or used up insurance, 495 b. Depreciation expense on equipment, 670. c. Depreciation expense on the van, 1,190. d. Salary accrued (earned) since the last payday, 540 (owed and to be paid on the next payday). e. Supplies used during the period, 97. Your instructor may want you to use a work sheet for these adjustments. 2. Journalize the adjusting entries. 3. Prepare an income statement. 4. Prepare a statement of owners equity. Assume that there was an additional investment of 2,000 on June 10. 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the correct sequence. Check Figure Net Income, 13,627
- The following partial work sheet covers the affairs of Ketcher and Company for the year ended June 30. Required 1. Journalize the six adjusting entries. 2. Journalize the closing entries. 3. Journalize the reversing entry as of July 1, for the salaries that were accrued in the June adjusting entry. Check Figure Reversing entry amount, 1,645The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.The following partial work sheet covers the affairs of Masanto and Company for the year ended June 30. Required 1. Journalize the six adjusting entries. 2. Journalize the closing entries. 3. Journalize the reversing entry as of July 1, for the salaries that were accrued in the June adjusting entry. Check Figure Reversing entry amount, 1,240
