On May 1st, Golden Harvest, Inc. purchased $1,500 worth of supplies on account. On December 31st, the fiscal year-end for Golden Harvest, it is determined that $800 worth of supplies still remain. What is the balance in the supplies account after adjustment?

On May 1st, Golden Harvest, Inc. purchased $1,500 worth of supplies on account. On December 31st, the fiscal year-end for Golden Harvest, it is determined that $800 worth of supplies still remain. What is the balance in the supplies account after adjustment?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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