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lbvjy [14]
2 years ago
9

The office supplies account had a $240 debit balance on december 31, 2016. during 2017, $5,200 of office supplies are purchased.

a physical count of supplies at december 31, 2017, shows $440 of supplies available answers
Business
1 answer:
Trava [24]2 years ago
4 0
If you are looking for the adjusting entry at the end of the year, it would be:

 Office Supplies Expense 5000                Office Supplies 5000

The amount to be recorded is 5000 because:

Beginning supplies is $240

Then there is an additional supplies $5,200

So there is a total of 5,440 supplies.

But the ending inventory is $440.

Deduct the $440 from the $5440 which will give us $5,000. This is to make sure that the amount in the journal entry at the end of the year will be same with the physical count of the supplies.
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