Answer:
Supplies Expense 4,250
Supplies 4,250
Supplies used ($1,975 + $4,125 – $1,850).
PE 3-3A Adjustment for prepaid expense
The supplies account had a beginning balance of $1,975 and was debited for $4,125 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $1,850.
Answer:
Supplies Expense 4,250
Supplies 4,250
Supplies used ($1,975 + $4,125 – $1,850).
Answer:
Supplies Expense 4,250
Supplies 4,250
Supplies used ($1,975 + $4,125 – $1,850).