Answer only 24. An ending inventory of suppliesaccount showed a balance ofP65,000 on December 31, 2020. Atthe mid-part of June 2021, it made anadditional purchases of suppliesinventory in the amount of P10,000and recorded P24,000 cost ofsupplies used. What should be theamount of supplies inventory that willappear in the unadjusted trial balanceon December 31, 2021? *O A. P51,000О в. Р44,000О С. Р31,000O D. P24,000

Ending supplies inventory = Beginning supplies + Purchases during the year - Supplies used

Answered: 24. An ending inventory of supplies…

24. An ending inventory of supplies account showed a balance of P65,000 on December 31, 2020. At the mid-part of June 2021, it made an additional purchases of supplies

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 12RE: Borys Companys periodic inventory at December 31, 2019, is understated by 10,000, but purchases are...

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Question

Answer only

24. An ending inventory of supplies
account showed a balance of
P65,000 on December 31, 2020. At
the mid-part of June 2021, it made an
additional purchases of supplies
inventory in the amount of P10,000
and recorded P24,000 cost of
supplies used. What should be the
amount of supplies inventory that will
appear in the unadjusted trial balance
on December 31, 2021? *
O A. P51,000
О в. Р44,000
О С. Р31,000
O D. P24,000

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