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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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