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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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 Account Name:
12/31/X1
4)
Debit
Credit
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