The balance in the office supplies account on August 1 was $4,800, supplies purchased during August were $3,100, and the supplies on hand at August 31 were $2,200. What is the amount to be used for the appropriate adjusting entry? a. $5,700. b. $2,500. c. $9,200. d. $6,200.

The balance in the office supplies account on August 1 was $4,800, supplies purchased during August were $3,100, and the supplies on hand at August 31 were $2,200. What is the amount to be used for the appropriate adjusting entry? a. $5,700. b. $2,500. c. $9,200. d. $6,200.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

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Question

What is the amount to be used for adjusting entry?

The balance in the office supplies account on August 1
was $4,800, supplies purchased during August were
$3,100, and the supplies on hand at August 31 were
$2,200. What is the amount to be used for the
appropriate adjusting entry?
a. $5,700. b. $2,500. c. $9,200. d. $6,200.

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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