Question

ANSWERS TO SECTION 9.1 EXERCISES (cont.) Exercise 3, p. 308 Using the following information, complete the inventory sheet and make the adjusting entry in the T-accounts. Inventory Item Quantity Unit Price Value Rubber bands 3 boxes $ 1.50 per box 10 boxes 32.00 per box Envelopes #8 Envelopes #10 4 1/2 boxes Envelopes, manila 2 boxes 2 boxes Printer cartridges Letterhead Copy paper File folders Paper clips 10M sheets 4M sheets 2 boxes 36.00 per box 28.00 per box 31.20 per box 22.50 per M 10.00 per M 6.00 per box 1.50 per box 4.10 per box 5.50 per doz. 6.10 per doz. 12 boxes Staples 15 boxes Pencils, regular 4 doz Pencils, red 2 doz. Total Supplies Expense Supplies 2018.00

Answer 1

A В. 1 Inventory Item Quantity Unit Price Value 2 Rubber Bands 3 boxes $1.50 per box $ 4.50 3 Envelopes #8 10 boxes $32.00 per box $320.00 4 Envelopes #10 4 1/2 boxes $36.00 per box $ 162.00 5 Envelopes, manila 2 boxes $28.00 per box $ 56.00 6 Printer cartridges 2 boxes $31.20 per box $ 62.40 7 Letterhead 10M sheets $22.50 per M $ 225.00 8 Copy paper 4M sheets $10.00 per M $ 40.00 9 File folders 2 boxes $6.00 per box $ 12.00 10 Paper clips 12 boxes $1.50 per box $ 18.00 11 Staples 15 boxes $4.10 per box $ 61.50 12 Pencils, regular 4 doz. $5.50 per doz. $ 22.00 13 Pencils, red 2 doz $6.10 per doz. $ 12.20 VOL. 14 Total $ 995.60 16

B Supplies 2 To Opening Balance $2,018.00 By Supplies Expense $1,022.40 By Closing Balance $ 995.60 Supplies Expense $1,022.40 7 To Supplies