balvinder1234
Sep 24, 2013, 03:42 PM
Assuming the company’s fiscal year begins January 1:
If the amount in Supplies Expense is the January 31 adjusting entry, and $620 of supplies was purchased in January, what was the balance in Supplies on January 1?
NOTE: *JAN 31 adjusted balances from trial balance(Supplies: 420)(Supplies Expense:710)*
I really have no clue how to do this. Help would be very appreciated, thanks.
If the amount in Supplies Expense is the January 31 adjusting entry, and $620 of supplies was purchased in January, what was the balance in Supplies on January 1?
NOTE: *JAN 31 adjusted balances from trial balance(Supplies: 420)(Supplies Expense:710)*
I really have no clue how to do this. Help would be very appreciated, thanks.