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faltersainse [42]
3 years ago
7

A company is in its first month of operations. Supplies worth $4,000 were purchased on January 5. At the end of the month suppli

es worth $3,000 were in hand. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided.
Business
1 answer:
madreJ [45]3 years ago
4 0

Answer:

The scenario given in the question is that their is difference between amount of inventory in hand and amount of inventory purchased during the period. This is because we have consumed some of inventory which we have purchased during the period. The inventory consumed is expensed out in the period in which it is purchased.

The adjusting entry for the scenario is given below.

Debit Supplies expense            $ 1,000

Credit Supplies Inventoy          $ 1,000

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Employee morale at dos Santos, inc., is very high. this type of information is an example of <u>Qualitative Data</u>

<h3>Qualitative data: What are they?</h3>

Information that approximates and characterizes is what qualitative data are. Qualitative information can be observed and recorded. This particular data type is not numerical. This kind of information is gathered using focus groups, one-on-one interviews, observations, and similar techniques. In statistics, categorical data, or information that can be categorized based on the characteristics and traits of an object or phenomena, is often referred to as qualitative data.

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