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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.

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The correct answer is (A)

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3 years ago
Laura is head of ABC Systems. She needs to allocate a fixed amount of funds to various projects. There are two top projects that
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3 0
3 years ago
Specter Consulting purchased $8,900 of supplies and paid cash immediately. What general journal entries will Specter Consulting
sergiy2304 [10]

Answer:

Debit Supplies $8,900; Credit Cash $8,900

Explanation:

Based on the information given the general journal entries that Specter Consulting will make to record this transaction assuming the companyâs policy is to initially record prepaid and unearned items in balance sheet accounts will be :

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7 0
2 years ago
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So if we want to determine if Zephyr Electronics 18% return on invested capital (ROIC) provides them a competitive advantage over its competitors, we have to compare Zephyr's ROIC with the ROIC of the rest of the major firms in the industry.

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3 years ago
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