Tarheel Corp. plans to prepare its adjusting entries for the year ending December 31, 20X1, and has the following information available: . At the beginning of December, the "Supplies" account had a balance of $200. • On December 10, supplies costing $450 were purchased. • On December 31, 20X1, a physical count shows supplies costing $100 are still unused. Required: In the general journal below, prepare the adjusting entry needed on Dec 31, 20X1 related to the supplies. Assume the Dec 10 entry was correctly recorded. Reminder: Do not use symbols, decimals, commas, or cents in your numerical responses. Date 12/31/X1 Account Name: ◆ ◆ Debit Credit

Tarheel Corp. plans to prepare its adjusting entries for the year ending December 31, 20X1, and has the following information available: . At the beginning of December, the "Supplies" account had a balance of $200. • On December 10, supplies costing $450 were purchased. • On December 31, 20X1, a physical count shows supplies costing $100 are still unused. Required: In the general journal below, prepare the adjusting entry needed on Dec 31, 20X1 related to the supplies. Assume the Dec 10 entry was correctly recorded. Reminder: Do not use symbols, decimals, commas, or cents in your numerical responses. Date 12/31/X1 Account Name: ◆ ◆ Debit Credit

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 2PB: Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the...

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