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Tpy6a [65]
3 years ago
9

On July 31, the bookkeeping account Supplies Inventory shows a debit balance of $1,000. A physical inventory taken on that date

indicates that $800 of supplies are on hand. What amount of supplies was used in July?
Business
1 answer:
Tanya [424]3 years ago
4 0

Answer:

$200

Explanation:

When Supplies inventory are purchased, a debit is posted to Supplies inventory and a credit to cash account or accounts payable.

As the inventories are used, debit Supplies expense and credit Supplies inventory account.

Given that $1,000 was the debit in the books and $800 per count, it means the books balance needs to be written down to the physical balance. The difference to be posted

= $1,000 - $800

= $200

This will be done by

Debit Supplies expense  $200

Credit Supplies Inventory  $200

Being entries to record inventory used in July

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Evidence based.

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_____________ occurs when circumstances have allowed several large firms to have all or most of the sales in an industry.
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3 0
1 year ago
Division A manufactures an aircraft engine component with unit variable product cost of $38 and market price of $50. Division A
olya-2409 [2.1K]

Answer:

The maximum transfer price would be $50.

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3 years ago
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