Financial Accounting Topics Cornerstone Exercise 3-21Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand. Required: Hide 1. Prepare the adjusting entry needed at the end of the year. Dec. 31 (Record the use of supplies) 2. What is the amount of supplies reported on Pain-Free's balance sheet at the end of the year?$
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Financial Accounting Topics
Cornerstone Exercise 3-21
Adjustment for Supplies
Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand.
Required:
1. Prepare the
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2. What is the amount of supplies reported on Pain-Free's balance sheet at the end of the year?
$
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