Question

The trial balance for Swifty Corporation appears as follows:

Answer 1

Answer:

Explanation:

The adjusting entry for supplies is shown below:

Supplies expense A/c Dr    $115

    To supplies A/c                              $115

(Being adjusted entry recorded)

The trial balance show a supplies balance of $148 and the supplies on hand were $33, so the adjusted supply balance would be equal to

=  Supplies balance - supplies on hand

= $148 - $33

= $115