mereadiluvu7
Feb 25, 2010, 04:19 PM
Journalise supplies on hand at the end of the year $3000
pready
Feb 25, 2010, 06:49 PM
If you know what amount of supplies is onhand per the books, then you calculate the difference from what your books say you have and the actual amount of supplies onhand.
The journal entry is:
Debit Supplies Expense for the difference
Credit Supplies for the difference so that your Supplies account shows that you have $3,000 worth of supplies onhand.