Prepare the journal entry (or entries) required to record a)the original transaction, and b) the year-end adjusting entry, if required for the Candlestick Inc. Office supplies on hand at Candlestick Inc. amounted to $300 at the beginning of the year. During the year, additional office supplies were purchased for cash at a cost of $1,500. At the end of the year, a physical count showed that supplies on hand amounted to $500.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  1. Prepare the journal entry (or entries) required to record a)the original transaction, and b) the year-end adjusting entry, if required for the Candlestick Inc.

Office supplies on hand at Candlestick Inc. amounted to $300 at the beginning of the year. During the year, additional office supplies were purchased for cash at a cost of $1,500. At the end of the year, a physical count showed that supplies on hand amounted to $500.






  1. The Orosco Security Service began operations on January 1, 2002. By the end of the first year of operations, the following transactions occurred:  
  1. Services provided but unbilled total $2,500 at December 31
  2. Interest of $5,400 accrued on notes payable for the year
  3. $1,000 of unearned revenue has been earned
  4. Drivers’ salaries total $500 per day. On December 31, three days’ salaries are unpaid. 

Journalize the annual adjusting entries on December 31, 2002.

1. Prepare the journal entry (or entries)
required to record a)the original
transaction, and b) the year-end adjusting
entry, if required for the Candlestick Inc.
m
Office supplies on hand at Candlestick Inc.
amounted to $300 at the beginning of the year.
During the year, additional office supplies were
purchased for cash at a cost of $1,500. At the end
of the year, a physical count showed that supplies
on hand amounted to $500.
Transcribed Image Text:1. Prepare the journal entry (or entries) required to record a)the original transaction, and b) the year-end adjusting entry, if required for the Candlestick Inc. m Office supplies on hand at Candlestick Inc. amounted to $300 at the beginning of the year. During the year, additional office supplies were purchased for cash at a cost of $1,500. At the end of the year, a physical count showed that supplies on hand amounted to $500.
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