View Full Version : Accounting worksheet
daljeet kaur
Jun 14, 2009, 04:39 PM
My question is on preparing accounting worksheet which includes trial balance, adjustments . If supplies on debit side of the trial balance is 5624 then compute the adjustment for supplies used during the month. An inventory taken on January 31 showed supplies of $185 on hand.
pready
Jun 14, 2009, 06:35 PM
The adjustment will be for what your account says you have to what is actually physically onhand.
The adjusting entry will be:
Debit Supplies Expense for the amount
Crecit Supplies for the amount
This brings your Supplies Account into agreement with your actual physical inventory amount
yousafkhan
Jan 26, 2011, 12:54 PM
Put the adjusted entries in worksheet
pready
Jan 26, 2011, 07:11 PM
In your adjustments columns of your worksheet your debit will be to Supplies Expense and your Credit will be to Supplies.
I already posted what your adjustments will be in my previous post.