Ask Experts Questions for FREE Help !
Ask
    Laugh123's Avatar
    Laugh123 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Dec 17, 2008, 09:06 AM
    Adjusting journal entry
    Reese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

    Debit Office Supplies Expense, $1,600; Credit Office Supplies, $1,600.
    Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400.
    Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400.
    Debit Office Supplies, $1,600; Credit Office Supplies Expense, $1,600
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
    Uber Member
    		  
    #2

    Dec 17, 2008, 09:21 AM

    Hi, Laugh123!

    If you would like help in solving the homework questions that you have posted, you'll need to show that you've made some attempt at coming up with the answers yourself and then post a question as to what your having trouble figuring out because of already trying to come up with the answers yourself.

    If you do that, then someone skilled in the particular subject will be more likely to come along to help you to understand how to solve the questions yourself so that you'll be able to learn the best.

    You also might want to check out the guidelines for posting homework that can be found via clicking on the following link.

    Ask Me Help Desk - Announcements in Forum : Homework Help

    Thanks!
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
    Uber Member
    		  
    #3

    Dec 17, 2008, 12:53 PM

    Comments on this post
    Laugh123 disagrees: Does not help me at all.
    Hey, Laugh123!

    You didn't ask for any help. You just expected people to come up with the answers for you. That's not how this site works.

    What I gave you, and I tried to be polite, is the way to get people to help you here.

    Thanks!
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #4

    Dec 18, 2008, 07:00 AM

    You have to do an ajusting entry to get down to your ending inventory amount.

    So it is difference between your beginning inventory + purchases in the period and the ending inventory

    You will debit the Expense and credit the Asset
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Adjusting journal entry [ 6 Answers ]

Prepare the adjustment to accrue interest on the note payable from December 7th (24 days) the note was a three yr 8% for 11,000. What do I debit and credit for my adjusting journal entry?

Adjusting journal entry [ 1 Answers ]

On sept 1,2007 victor prepaid the insurance on the company vehicle for the whole year. He originally debited prepaid insurance and creditid cash. On the original balance sheet the amount in the prepaid insurance account is 1200 How do I know how much to debit to insurance expense and credit...

Adjusting journal entry [ 1 Answers ]

A piece of equipment that originally cost $70,000 was sold for $50,000 at a gain of $1000. A new piece of equipment was purchased to replace the one that was sold. It cost $100,000. A note was given for $80,000 and the balance of the equipment was paid for with cash. This transaction took place on...

Adjusting Journal Entry-Please help [ 3 Answers ]

I attempted to do this problem & I am not sure whether it is correct or not.Please help. Question is as follows. Balance Sheet as of dec 31 2002 Assets Cash 24$ A/c Rec. 15 Supplies 6 Prep. Insurance12 Equipment 50

View more questions Search