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omeli [17]
3 years ago
11

Adjustment for Prepaid Expense The supplies account had a beginning balance of $3,690 and was debited for $1,700 for supplies pu

rchased during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $1,290.
Business
1 answer:
zysi [14]3 years ago
4 0

Answer:

Dr supplies expense   $4,100

Cr supplies                                       $4,100

Explanation:

Supplies used in the year needs to be ascertained before any adjusting entry can be posted.

Supplies used=beginning supplies+purchases-ending supplies

beginning supplies is $3,690

purchases of supplies was $1,700

ending balance of supplies was $1,290

supplies used=$3,690+$1,700-$1,290=$ 4,100.00  

The used portion of supplies would be debited to supplies expense while supplies inventory is credited with the same amount.

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The United States Bureau of Labor Statistics (BLS) conducts the Quarterly Census of Employment and Wages (QCEW) and reports a va
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Answer for the question:

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is given in the attachment.

Explanation:

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