b. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current yearand debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining.SuppliesStep 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31, adjusting entry to get from step 1 to step 2.c. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchasedand debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,660.SuppliesStep 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.< Prev3 of 26中Next > Step 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.Assume no other adjusting entries are made during the year.a. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. ADecember 31 physical count shows $110 of supplies remaining.SuppliesStep 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31, adjusting entry to get from step 1 to step 2.b. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current yearand debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining.SuppliesISten 1: Determine what the curent account halance enuals< Prev3 of 26Next >

Solution: a. The supplies account has a $300 debit balance to start the year. No supplies were…

. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current year nd debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining. Supplies tep 1: Determine what the current account balance equals. rep 2: Determine what the current account balance should equal. ep 3: Record the December 31, adjusting entry to get from step 1 to step 2. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchased id debited to the Supplies account. The inventory of supplies ayailable at December 31 totaled S2.660

. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current year nd debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining. Supplies tep 1: Determine what the current account balance equals. rep 2: Determine what the current account balance should equal. ep 3: Record the December 31, adjusting entry to get from step 1 to step 2. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchased id debited to the Supplies account. The inventory of supplies ayailable at December 31 totaled S2.660

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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