Viking Trivia Company Chart of Account Titles (selected): Assets: Prepaid Rent, Prepaid Advertising. Prepaid Insurance, Office Supplies, Inventory, Accumulated Depreciation Liabilities: Interest Payable, Utilities Payable, Commissions Payable, Unearned Rent Revenues: Rent Revenue, Interest Revenue Expenses: Office Supplies Expense, Commissions Expense, Utilities Expense, Insurance Expense, Advertising Expense, Depreciation Expense, Interest Expense, Rent Expense Review the following items and make the necessary adjusting entries using the account titles shown above as of December 31, 2019. If no entry is required, write N/A in all blanks for that item. Round all amounts to the nearest dollar. During 2019, Viking Trivia Company purchased office supplies that cost $23,400. The purchase was recorded as office supplies inventory. At the beginning of 2019, the office supplies inventory was $3,600. At the end of 2019, a count showed unused office supplies amounting to $2,600. Debit Account: Debit Amount: Credit Account: Credit Amount:
Viking Trivia Company Chart of Account Titles (selected):
Assets: Prepaid Rent, Prepaid Advertising. Prepaid Insurance, Office Supplies, Inventory,
Liabilities: Interest Payable, Utilities Payable, Commissions Payable, Unearned Rent
Revenues: Rent Revenue, Interest Revenue
Expenses: Office Supplies Expense, Commissions Expense, Utilities Expense, Insurance Expense, Advertising Expense, Depreciation Expense, Interest Expense, Rent Expense
Review the following items and make the necessary
During 2019, Viking Trivia Company purchased office supplies that cost $23,400. The purchase was recorded as office supplies inventory. At the beginning of 2019, the office supplies inventory was $3,600. At the end of 2019, a count showed unused office supplies amounting to $2,600.
Debit Account: Debit Amount:
Credit Account: Credit Amount:
| Opening balance of office supplies inventory | $ 3,600 |
| Purchase during the year 2019 | $ 23,400 |
| Closing balance of unused office supplies inventory | $ 2,600 |
| Office supplies issued/used during the year = (3600+23400-2600) | $ 24,400 |
Step by step
Solved in 2 steps with 2 images
