Question

Sunland Company’s trial balance at December 31 shows Supplies $8,720 and Supplies Expense $0. On December 31, there are $2,180 of supplies on hand.

Prepare the adjusting entry at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount LINK TO TEXT

Using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Post entries in the order of journal entries presented in the previous part.) Supplies choose a transaction date Op. Bal.12/3112/31 Bal. enter a debit amount choose a transaction date Op. Bal.12/3112/31 Bal. enter a credit amount choose the end date of the accounting period Op. Bal.12/3112/31 Bal. enter a debit balance choose the end date of the accounting period Op. Bal.12/3112/31 Bal. enter a credit balance Supplies Expense choose the end date of the accounting period Op. Bal.12/3112/31 Bal. enter a debit balance choose the end date of the accounting period Op. Bal.12/3112/31 Bal. enter a credit balance Click if you would like to Show Work for this question:

Answer 1

Sunland Company Journal entries Date Account Debit Credit Calculation $ 6,540 31-Dec Supplies Expense Supplies 8720-2180 $ 6,540

Sunland Company T Accounts Date Debit Date Credit Supplies Op ba 8,720 31-Dec 6,540 $ 2,180 Supplies Expense Bal Op bal$ 31-Dec $ 6,540 Bal