At the beginning of May, Golden Gopher Company reports a balance in Supplies of $420. On May 15, Golden Gopher purchases an additional $2,500 of supplies for cash. By the end of May, only $220 of supplies remains. 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense. supplies ending balance:____________ supplies expense endin
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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At the beginning of May, Golden Gopher Company reports a balance in Supplies of $420. On May 15, Golden Gopher purchases an additional $2,500 of supplies for cash. By the end of May, only $220 of supplies remains.
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1.&2. Record the necessary entries in the
Journal Entry Worksheet below. -
3. Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense.
supplies ending balance:____________
supplies expense ending balance:___________
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