If you are looking for the adjusting entry at the end of the year, it would be:
Office Supplies Expense 5000 Office Supplies 5000
The amount to be recorded is 5000 because:
Beginning supplies is $240
Then there is an additional supplies $5,200
So there is a total of 5,440 supplies.
But the ending inventory is $440.
Deduct the $440 from the $5440 which will give us $5,000. This is to make sure that the amount in the journal entry at the end of the year will be same with the physical count of the supplies.
The Answer is A Paying attention to detail I just took the Apex test
Answer:
$30,000 and $360,000
Explanation:
The computation of the gain on the exchange is shown below:
= Cash received + fair value of the computer - undepreciated cost of existing computer
= $120,000 + $360,000 - $450,000
= $30,000
The amount of the computer which is recorded will equal to the fair value of the computer i.e $360,000
For computing the gain we simply added the fair value and deduct the undepreciated cost of an existing computer in the cash received amount so that the accurate amount can come.
All other information which is given is not relevant. Hence, ignored it
