Question

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $620 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies?

Answer 1

Answer:

The question is incomplete;The following additional information completes the question;

Supplies 31 January        $1,800

Supplies Expense 31 January $1,920          

Explanation:

The opening Balance of Supplies as at January 1 was;

Supplies-Closing                        $1,800

Supplies Purchased                    ($620)

Supplies Expense out                 $1,920  

Supplies Opening January 1        $3,100

The T account is prepared in columnar form. The opening supplies balance at January 1 was $3,100