Ask Experts Questions for FREE Help!
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps
 
Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Accounting    Ask about another Subject  
 
PDA

Daydreamer14
Sep 28, 2009, 02:22 PM
An inventory count shows $480 of supplies on hand on May 1st.

How would I write this in a journal?

dr: Cleaning Supplies 480
cr: depreciation 480


please help?!
bunnyKutty
Sep 28, 2009, 09:33 PM
Give the other details relating to supplies as to what is the trial balance balance.
morgaine300
Sep 29, 2009, 12:00 AM
Depreciation would not be involved. Depreciation is lowing the value of a plant asset. Supplies aren't a plant asset. And the entry isn't trying to lower the value of them.

However, what I don't get is that date. Giving you the supplies on hand is generally an adjusting entries, and you don't do adjusting entries at the beginning of a month. So can't say as I get that.