The supplies account had a beginning balance of $1,931. Supplies purchased during the period totaled $4,368. At the end of the period before adjustment, $596 of supplies were on hand. Prepare the adjusting entry for supplies.
Q: Ben City issued a purchase order on 05/10/19 for supplies with an estimated cost of $8600. An…
A: An event after the reporting date provides evidence of the condition that exists at the reporting…
Q: Smith Company purchased inventory of $2,000 on account and uses the periodic system. The journal…
A: Periodic system is the system of accounting in which purchases are recorded in purchase account and…
Q: December 31, 20, according to the Trial Balance, the Equipment account has a balance of 37,700.00.…
A: Given, Depreciation expense = $3,500 Balance in equipment account = $37,700
Q: The supplies account had a beginning balance of $1,523. Supplies purchased during the period totaled…
A: Adjusting Entries: The term "adjusting entries" refers to journal entries made at the conclusion of…
Q: Prepare the correct adjusting entries using the following information. 1) The warehouse employees…
A: Adjusting entries are the journal entries passed at the end of the month/financial year to close all…
Q: The balance in the supplies account, before adjustment at the end of the year, is $5,330.…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status…
A: There are 5 type of adjustments :Accrued RevenueAccrued ExpenseDepreciationPrepaid ExpenseUnearned…
Q: On February 1, Andrews Company purchased printing supplies of $2,500. A month end inventory shows…
A: When supplies was purchased, it was recorded as an asset by debiting supplies and crediting cash.The…
Q: Tarheel Corp. plans to prepare its adjusting entries for the year ending December 31, 20X1, and has…
A: At year-end when the company finalizes its accounts then any unrecognized income or expenses for the…
Q: The supplies account had a begging balance of 3375 and was debited for 6450 for supplies purchased…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: The balance in the supplies account before adjustment at the end of the year is $897. The proper…
A: Concept Supplies are assets bought by assets ,once supplies are used they are recorded as expense.…
Q: Spartan Company's perpetual inventory records indicate that $890,000 of merchandise should be on…
A: Accounting journal entries made to update specific accounts and restore their correct balances at…
Q: The supplies account had a beginning balance of $1,763. Supplies purchased during the period totaled…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: Prepare the necessary general journal entry for the month of May for Stringer Company for each…
A: Perpetual inventory is an accounting technique that tracks stock movements in real-time without the…
Q: Balikatan Store is completing the accounting process for the year just ended December 31, 200B. The…
A: Adjusting entries are entries that are passed at the end of accounting period in order to accurately…
Q: At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero…
A: An important tool in accounting is the T-account, which displays the movement of assets,…
Q: A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,241 of…
A: Since the physical inventory is lower than the book value of inventory, this is a case of Inventory…
Q: The balance in the Supplies account Before making the necessary adjustments is $1,400. A physical…
A: Cost of the supplies used = Balance in the Supplies account -physical count = $1,400 - $675 = $725
Q: The supplies account had a beginning balance of $1,645. Supplies purchased during the period totaled…
A: Adjusting Entries: The term "adjusting entries" refers to journal entries made at the conclusion of…
Q: The total Stockholders Equity in the consolidated balance sheet on January 2,2019 is: P32,232,000 b.…
A: Investment amount = P5,600,000 Add: Non Controlling Interest = P1432000 Less: Identifiable Net…
Q: Record the following adjusting entries (using journal entry format, t-accounts, or use the…
A: Journal entry is the process of recording the business transactions in the accounting books for the…
Q: If the supplies account had an ending balance of $1,200 and the actual count for the remaining…
A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…
Q: The balance in the supplies account, before adjustment at the end of the year, is $9,000.…
A:
Q: The supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled…
A: Modifications to previously recorded journal entries are referred to as adjusting entries. They make…
Q: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the…
A: Adjusting entries are the entries usually made at the end of the period to fix some accounts before…
Q: The unadjusted trial balance of the Supplies account was $9,312 on December 31, 2019. a physical…
A: The Numerical has covered the concept of Adjusting Entries. The Adjusting Entries are prepared at…
Q: December 31, 20XX, according to the Trial Balance, the Equipment account has a balance of 37,700.00.…
A: Adjusting entries are entries that are passed at the end of the period to accurately reflect income…
Q: Adjustments are: Blair’s Custom Shop performed a count of supplies at the end of the accounting…
A: Worksheet - Worksheet includes unadjusted Trial Balance, Adjustments and Adjusted Trial Balance. All…
Q: he balance in the supplies account before adjustment at the end of the year is $808. The proper…
A: Answer are as follows:
Q: The balance in the supplies account before adjustment at the end of the year is $615. The proper…
A: Given that, Supplies on hand at the end of year = $248 Supplies before adjustment = $615
Q: Michael Jackson is the owner of the Apollo shop, which is specialize in selling car’s tires. The…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Calculate the adjustment amount for Supplies and Prepaid Insurance and enter those amounts on the…
A: Adjustments to supplies and prepaid insurance may be required at the year-end as there are chances…
Q: The balance in the supplies account before adjustment at the end of the year is $889. The proper…
A: The adjustment entries are prepared at year end to adjust the revenue and expenses for the current…
Q: Prepare the year end adjusting entry for the following The supplies inventory at the beginning of…
A: The objective of this question is to prepare the year-end adjusting entry for the supplies…
Q: At the end of the month, the adjusting journal entry to record the use of supplies should include:…
A: Adjusting entries: Usually, but not always, on an accrual system, adjusting entries are made at the…
Q: Cedar Valley is a national restoration contractor licensed in roofing, siding, gutters and windows.…
A: 2. Allowance Method - Under allowance method company make provision of uncollectible accounts at the…
Q: On decmeber 31, the trial balance indicates that the supplies account has a balance, prior to the…
A: The journal entries are prepared to keep the record of day to day transactions of the business. The…
Q: December 31, 20, according to the Trial Balance, the Store Supplies account has a balance of…
A: Journal entries means the book of prime entry incuding debit and credit item. Adjusting entry means…
Q: Aster Jurane prepares annual statements. The year end is December 31 Prepare annual adjusting…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: John Neff owns and operates Waikiki Surf Shop. A year-end trial balance is provided on page 561.…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: Account balances acquired from the Opulent Company's ledger on December 31, 2018 is shown below:…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Sporting Goods Corporation 3 Worksheet For period Ended December 31, 20XX 4. 3. 4. 5. 6. ADJUSTED…
A: 1. Unadjusted Trial Balance - Unadjusted Trial Balance is the trial balance before making…
Q: At the end of the year, Metro, Inc. has an unadjusted credit balance in the Manufacturing Overhead…
A: Manufacturing overhead is the expenses which are incurred during the production of product or…
Q: On April 1, Jackson Company purchased $2,440 of supplies on account. On April 1, Jackson Company…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Atlantic Company is completing adjusting entries at the end of the annual accounting period,…
A: Adjusting entries are accounting entries that are made at the end of an accounting period to update…
The supplies account had a beginning balance of $1,931. Supplies purchased during the period totaled $4,368. At the end of the period before adjustment, $596 of supplies were on hand. Prepare the
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- help meSubject - account Please help me. Thankyou.Madison Company's perpetual inventory records indicate that $531,630 of merchandise should be on hand on October 31. The physical inventory indicates that $508,250 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. If an amount box does not requíre an entry, leave it blank. Oct. 31
- You have been provided with the following information for Lns Shoe Outlet which accounts for its inventory using the periodic system. Its financial year ends September 30. All purchases and sales are made on account. Physical count at beginning of September 30, 2020 valued inventory of shoes at $469,780. Included in the physical count was shoes purchased for $20,840 on September 17 from Kmart. The shoes were shipped f.o.b. destination point on September 30 and arrived October 7. The invoice was received and recorded on appropriately. Shoes purchased from Walmart on September 25 for $17,080 and shipped f.o.b. destination were received on September 30 after inventory had been counted. The invoice was received and recorded appropriately. On September 29, shoes were received from Leather Made with an invoice price of 531,260. The shoes were shipped to Lns Shoe Outlet f.o.b. destination. The invoice, which had not yet arrived, had not been recorded on September 30. Chef shoes sold to…A physical count of supplies on hand at the end of May for Masters, Inc. Indicated $1,257 of supplies on hand. The general ledger balance before any adjustment is $2,170. What is the adjusting entry for supplies that should be recorded on May 31? Multiple Choice O O O O O Debit Supplies Expense $1257 and credit Supplies $1257. Debit Supplies Expense $913 and credit Supplies $913. Debit Prepaid Supplies $913 and credit Supplies Expense $913. Debit Supplies Expense $1257 and credit Supplies $2170. Debit Supplies $1257 and credit Cash $1257.Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is: a. Debit Office Supplies $254 and credit Office Supplies Expense $254. b. Debit Office Supplies $105 and credit Office Supplies Expense $105. c. Debit Office Supplies Expense $254 and credit Office Supplies $254. d. Debit Office Supplies Expense $105 and credit Office Supplies $105.
- The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2. The company uses the periodic inventory system. Account Title Balance Sales returns and allowances $ 8,300 Miscellaneous expense 830 Transportation-out 10,950 Sales 323,000 Advertising expense 11,500 Salaries expense 54,500 Transportation-in 6,350 Purchases 153,000 Interest expense 5,300 Merchandise inventory, January 1 18,300 Rent expense 18,750 Merchandise inventory, December 31 20,400 Purchase returns and allowances 2,850 Loss on sale of land 4,300 Utilities expense 10,700 Requireda. Prepare a schedule to determine the amount of cost of goods sold.b. Prepare a multistep income statement.c. Prepare a single-step income statement.On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the work sheet. Analyze the adjustment information given here into debit and credit parts. Record the adjustments on the work sheet. Total the Adjustments columns. Adjustment Information June 30 Supplies on hand $188.00 Value of prepaid insurance 540.00 WORK SHEET For Month Ended June 30, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 8,715.00 1 2 Petty Cash 75.00 2 3 Accounts Receivable-Raymond O’Neil 642.00 3 4 Supplies 518.00 4 5 Prepaid Insurance 675.00 5 6 Accounts Payable-Western Supply 268.00 6 7 Akbar…The balance in the supplies account before adjustment at the end of the year is $717. The proper adjusting entry if the amount of supplies on hand at the end of the year is $329 would be a.debit Supplies Expense, $388; credit Supplies, $388 b.debit Supplies Expense, $329; credit Supplies, $329 c.debit Supplies, $388; credit Supplies Expense, $388 d.debit Supplies, $329; credit Supplies Expense, $329
- The balance in the supplies account, before adjustment at the end of the year, is $1,879. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $883.The Allowance balance is a $200 credit before adjustment. Uncollectible accounts are estimated to be $2,000. The adjusting entry to record uncollectible accounts is: GENERAL JOURNAL 1 2 1 2 Date Chapter 8-Receivables Now, the adjusting entry to record uncollectible accounts is: GENERAL JOURNAL Description a. Description If the Allowance balance started with a $200 DEBIT balance and uncollectible accounts are estimated to be $2,000. Date с. Post ref Debit Post ref Note: Bad Debt Expense estimate in the prior year was wrong, it was not an error. It was still a good faith estimate and the apparent violation of the matching principle is allowed under GAAP. Age Interval Not Past Due 1-30 days past due Debit At the end of the current year, the accounts receivable account has a debit balance of $1,400,000 and sales for the year total $15,350,000. Determine the amount of the adjustment needed. Page Credit The allowance account before adjustment has a debit balance of $23,000. Bad debt expense…At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Accumulated Depreciation Beginning Balance Debit Ending Balance Credit Answer is not complete. 5,100 5,100 Beginning Balance Debit Ending Balance Credit