At December 31, 2021, the Ohio Auto Parts has $710 supplies on hand. Prepare the Ohio Auto Parts’ adjusting journal entry in good form at December 31, 2021. The Ohio Auto Parts has the following selected balances on its December 31, 2021 unadjusted trial balance:AccountDebitCreditCash$ 15,900$Office suppliesPrepaid insuranceAccounts payableCommon stock3,6005,82014,30075,900Rent expense9,800Insurance expense3,150Office supplies expense500

The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Answered: At December 31, 2021, the Ohio Auto…

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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