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    wassup.'s Avatar
    wassup. Posts: 1, Reputation: 1
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    #1

    Oct 29, 2011, 06:10 PM
    Adjusting entries
    How do we prepare adjusting entries for, Supplies on hand at the beginning of the accounting period are $310. Supplies on hand at the end of the period are $190
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    pready Posts: 3,197, Reputation: 207
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    Oct 30, 2011, 07:50 AM
    The difference between supplies onhand at thebegining and the end of the accounting period has been used during the period.

    In other words your account balance says you have $310 of supplies onhand, when in fact you have a physical count of $190 onhand, so you need to bring your account balance into agreement with your actual account balance.

    Your journal entry will be:
    Debit Supplies Expense for the amount used (hint: difference between your two amounts)
    Credit Supplies for the amount
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