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Adjusting entry for supplies The balance in the supplies account, before adjustment at the end of the year, is $9,000. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,575.
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
Adjusting entry for supplies
The balance in the supplies account, before adjustment at the end of the year, is $9,000. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,575.
Prepare the adjusting entry to record the supplies.
Explanation of Solution
Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.
Prepare the adjusting entry to record the supplies.
| Date | Account title and explanation | Debit ($) | Credit ($) |
| Â | Supplies expense | 7,425 | Â |
| Â | ...
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