Adjustment for Supplies On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet) Supplies fill in the blank d9cf920a902df9c_2 fill in the blank d9cf920a902df9c_4 Bal. fill in the blank d9cf920a902df9c_5 (Income Statement) Supplies Expense Adj. fill in the blank d9cf920a902df9c_6 Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Dec. 31 fill in the blank 408d0d04ffc0fd3_2 fill in the blank 408d0d04ffc0fd3_3 1 2 fill in the blank 408d0d04ffc0fd3_5 fill in the blank 408d0d04ffc0fd3_6
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Adjustment for Supplies
On December 31, the
Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.)
| (Balance Sheet) Supplies |
|||
|---|---|---|---|
| fill in the blank d9cf920a902df9c_2 | fill in the blank d9cf920a902df9c_4 | ||
| Bal. | fill in the blank d9cf920a902df9c_5 |
| (Income Statement) Supplies Expense |
|||
|---|---|---|---|
| Adj. | fill in the blank d9cf920a902df9c_6 |
| DATE | ACCOUNT TITLE | DOC. NO. |
POST. REF. |
DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|---|
| 1 | 20-- Dec. 31 |
fill in the blank 408d0d04ffc0fd3_2 | fill in the blank 408d0d04ffc0fd3_3 | 1 | |||
| 2 | fill in the blank 408d0d04ffc0fd3_5 | fill in the blank 408d0d04ffc0fd3_6 | 2 |
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