1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lubasha [3.4K]
3 years ago
8

The balance in the supplies account before adjustment at the end of the year is $868. The proper adjusting entry if the amount o

f supplies on hand at the end of the year is $263 would be:
Business
1 answer:
DanielleElmas [232]3 years ago
8 0

Answer:

The adjusting entry would be:

Dr Supplies Expense or COGS $605

Cr                 Supplies or inventory account $605

Explanation:

The reason is that the inventory in hand is $263 whereas in the account is $868 which means the inventory must be reduced to $263 because the entry is wrongly passed in the system. So what we will do is decrease the inventory account by $605 ($868 - $263). This means entry must reduce inventory which is debit in nature and decrease in inventory must be then credited. The other entry would be a debit to cost of goods sold because the inventory sold must form part of the cost of goods sold so it must be debited.

The entry is:

Dr Supplies Expense or COGS $605

Cr                 Supplies or inventory account $605

Note the supplies expense account or cost of goods sold are terms interchangeably used in accounting.

Likewise supplies account and inventory account are also interchangeable terms.

You might be interested in
A country has passed a law setting a minimum wage for factory workers 5% below the equilibrium price. How will this law impact t
kogti [31]
This law will impact the labor market cause of low pay rate that will stop more people from applying for that job
6 0
3 years ago
An investment costs $5,200 today. this investment is expected to produce annual cash flows of $2,100, $1,300, $1,800 and $1,200,
worty [1.4K]
5,200 + 21,000 + 1,300 + 1,200 = 10,400 ÷ 10 totally investment 1,040 %
3 0
3 years ago
Gi Gi's Bakery has total assets of $425 million. Its total liabilities are $110 million. Its equity is $315 million. Calculate t
Neko [114]
1.34 over 3.86 xxxxxxxxxxxxxxxxxx
5 0
3 years ago
Cash outflows for McKinney Publishing in 2020 included:________. $347,000 in salaries to authors. $180,000 in fees to contracted
Marat540 [252]

Answer: $527,000

Explanation:

Salaries to authors = $347,000

Fees to contracted editors = $180,000

Copyrights obtained = $83,000

Purchase of a new printing warehouse = 1.3 million

Upgrade of current printing equipment = $560,000

McKinney Enterprises expense will be:

= Salaries to authors + Fees to contracted editors

= $347,000 + $180,000

= $527,000

4 0
2 years ago
Kirk McCoy is district sales manager for the Jimmy Dean division
arlik [135]

Answer: centralized

Explanation:

Based on the information given in the question, we can infer that McCoy operates a centralized department.

This is a centralized department because McCoy takes the decisions in the organization. In a centralized department, the organizational structure is such that the power regarding the decision is confined to top management, while the followers just follow the instructions

8 0
3 years ago
Other questions:
  • Entrepreneurs should base their market assessments, production schedules, inventory policies, and personnel decisions on
    8·1 answer
  • In 1969, frustrated by the lack of progress in LAFTA, Bolivia, Chile, Colombia, Ecuador, and Peru joined in creating the Andean
    10·1 answer
  • Monetary policy is considered easy when the money supply is increasing rapidly, but considered ________ when the money supply is
    11·1 answer
  • Grossnickle Corporation issued 20-year, noncallable, 7.5% annualcouponbonds at their par value of $1,000 one year ago. Today, th
    10·1 answer
  • When we compare the salaries of the worst-paid members of a corporation with the salary of the ceo, what sort of measure of pove
    14·2 answers
  • One explanation for greater economic development in moderate versus tropical climates is that institutions established by coloni
    9·1 answer
  • Garrison Shops had a SUTA tax rate of 3.7%. The state's taxable limit was $8,000 of each employee's earnings. For the year, Garr
    13·1 answer
  • When demand is unit elastic, price elasticity of demand equals a. 1, and total revenue and price move in the same direction. b.
    13·1 answer
  • Sunnyside Travel, Inc. is a travel agency that specializes in destination wedding vacation packages. It has packages ranging fro
    11·1 answer
  • The impacts of increasing petrol price on household​
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!