Question

Kingbird, Inc. purchased office supplies costing $7980 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2850 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be:

Answer 1

Answer and Explanation:

                    In The books Of (Kingbird Inc.)

                             Journal Entry

Date     Account Title and Explanation        Amount    Amount

            Supplies Expenses       a/c Dr         $5,130

            To Supplies                   a/c                               $5,130

          (Being  adjusted entry held for remain Supplies)

Working Note:

Amount = ($7,980 - $2,850) = $5,130