Chapter 3, Problem 3.31BE

LO 2, 3

(Learning Objectives 2, 3: Apply the revenue and expense recognition principles; adjust the accounts) Englewood Corporation experienced four situations for its supplies. Calculate the amounts that have been left blank for each situation. For situations 1 and 2, journalize the needed transaction. Consider each situation separately.

Situation	1	2	3	4
Beginning supplies............................	$1,500	$ 700	$ 700	$ 1,000
Purchases of supplies during the year …….	?	400	?	800
Total amount to account for.................	2,900	?	?	1,800
Ending supplies....................	(990)	(900)	(700)	?
Supplies Expense……...........	$1,910	$ ?	$ 1,300	$1,600