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For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. 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 $340 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $130 of supplies remaining. Supplies 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. b. The Supplies account has an $900 debit balance to start the year. Supplies of $2,300 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $700 of supplies remaining. Supplies 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. c. The Supplies account has a $4,200 debit balance to start the year. During the current year, supplies of $9,800 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,780. Supplies 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.

For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. 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 $340 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $130 of supplies remaining. Supplies 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. b. The Supplies account has an $900 debit balance to start the year. Supplies of $2,300 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $700 of supplies remaining. Supplies 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. c. The Supplies account has a $4,200 debit balance to start the year. During the current year, supplies of $9,800 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,780. Supplies 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.

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter15: Preparing Adjusting Entries And A Trial Balance
Section: Chapter Questions
Problem 1MP
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For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. 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 $340 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $130 of supplies remaining. Supplies 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. b. The Supplies account has an $900 debit balance to start the year. Supplies of $2,300 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $700 of supplies remaining. Supplies 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. c. The Supplies account has a $4,200 debit balance to start the year. During the current year, supplies of $9,800 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,780. Supplies 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.
Transcribed Image Text:For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. 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 $340 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $130 of supplies remaining. Supplies 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. b. The Supplies account has an $900 debit balance to start the year. Supplies of $2,300 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $700 of supplies remaining. Supplies 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. c. The Supplies account has a $4,200 debit balance to start the year. During the current year, supplies of $9,800 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,780. Supplies 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.
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