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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $100. A physical count of the supplies inventory shows that $70 of supplies remain. What adjustment should be made to the supplies account?

To determine

Indicate the adjustment that should be made for the supplies account.

Explanation

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.

DateAccount Titles and explanationPost. refDebit ($)Credit ($)
 Supplies expense ($100$70)</

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