Answered: Prepare the adjusting entry at December…

Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.5: Preparing A Post-closing Trial Balance

Problem 1WT

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Brief Exercise 3-03
Schramel Advertising Company's trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $2,100 of supplies on hand.
Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
Supplies
Supplies Expense

Expert Solution

Step 1 Overview

Whenever any company purchases Supplies then its treated as assets and based on which supplies account is debited and cash/Accounts Payable is credited. The Expense for the supplies is booked based on the usage so at the end of the period supplies on hand is determined after calculating the difference between the supplies in the beginning and supplies at the end. Then adjustment entries is passed to that effect

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