On January 1, 2014, the balance in office supplies was a debit balance of $2798. During...
On January 1, 2014, the balance in office supplies was a debit balance of $2798. During the year, you purchase $30, 156 of additional office supplies. On December 31, 2014, you take a physical inventory of office supplies and count $3492 in office supplies. How much would need to be credited to office supplies?
Homework Answers
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Amount to be credited to office supplies = Beginning balance + Purchases - Ending inventory = 2798+30156-3492 = 29,462 Comment if you face any issues |
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On January 1, 2014, the balance in office supplies was a debit
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The company has a Supplies account balance of $200 on January 1.
During the year, the company purchased $1,500 of supplies. As of
December 31, a count revealed that there were $500 of supplies on
hand. Complete the necessary journal entry. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
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The company has a Supplies account balance of $200 on January 1.
During the year, the company purchased $1,500 of supplies. As of
December 31, a count revealed that there were $500 of supplies on
hand. Complete the necessary journal entry. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
1 Record the supplies used during the year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
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