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    BLeitt's Avatar
    BLeitt Posts: 1, Reputation: 1
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    #1

    Oct 4, 2011, 06:42 AM
    Journalize the adjusting entries?
    Office supplies has a balance of $2400. An inventory at Dec 31 shows $1700 of supplies on hand. How do I adjust this in order to close for the financial statements?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 4, 2011, 01:48 PM
    First you will have to calculate the difference between what your account balance is and your actual balance.

    Your journal entry will be:
    Debit Office Supplies Expense for the amount above
    Credit Office Supplies for the amount above

    This journal entry will bring your account balance into agreement with your actual inventory balance.
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