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    John_eard's Avatar
    John_eard Posts: 7, Reputation: 1
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    #1

    Nov 27, 2007, 07:24 PM
    adjusting entries
    Help


    If the info is :

    Supplies on hand at June 30 are estimated to amount to $ 2400 . Can I use that value to work out the adjustment entries or I can ignore it because it is not an accurate value?
    student 101's Avatar
    student 101 Posts: 53, Reputation: 1
    Junior Member
    		  
    #2

    Nov 27, 2007, 07:40 PM
    Quote Originally Posted by John_eard
    Help


    If the info is :

    Supplies on hand at June 30 are estimated to amount to $ 2400 . Can I use that value to work out the adjustment entries or I can ignore it because it is not an accurate value?
    You have to use it for example let say that a new account shows supplies to be 2000 that means that the company has not recorded a suply expence of 400 so you debit suplies expense for 400 or actual difference between your numbers and credit suplies expense 400 or actual difference in your numbers... note 400 is just an example you hold the real numbers


    Suplies expense... $$$
    Supplies... $$$
    To adjust for the actual balance in supplies
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