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. Supplies. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $110 of supplies remaining. b. Supplies. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining. c. Supplies. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,660.
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. Supplies. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $110 of supplies remaining. b. Supplies. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining. c. Supplies. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,660.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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. Supplies. The Supplies account has a $300 debit balance to start the year. No supplies were purchased
during the current year. A December 31 physical count shows $110 of supplies remaining.
b. Supplies. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were
purchased during the current year and debited to the Supplies account. A December 31 physical count
shows $650 of supplies remaining.
c. Supplies. The Supplies account has a $4,000 debit balance to start the year. During the current year,
supplies of $9,400 were purchased and debited to the Supplies account. The inventory of supplies
available at December 31 totaled $2,660.
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