View Full Version : Debits and credits
deejay tury
Feb 25, 2007, 02:03 PM
When the question states : an inventory count shows $280 of cleaning supplies on hand?
Do you subtract $280 from the cleaning supplies or does $280 stay as is... or does it go in the general journal as $920 because cleaning supplies are $1200?
CaptainForest
Feb 25, 2007, 05:16 PM
So from my understanding of what you are asking…
On your balance sheet, you have cleaning supplies listed at $1,200
But it is telling you that you only have $280 left. Therefore, you used up $920.
Therefore, the JE is:
Dr. Supplies Expense 920
Cr. Cleaning Supplies 920
genius101
Mar 2, 2007, 08:20 AM
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anuram
Mar 2, 2007, 02:25 PM
when the question states : an inventory count shows $280 of cleaning supplies on hand?
do you subtract $280 from the cleaning supplies or does $280 stay as is ...or does it go in the general journal as $920 because cleaning supplies are $1200 ??
cleaning supplies listed is $1200
cleaning supplies on hand is $280
cleaning supplies used $190($1200-$280=$920)
Supplies Expense 920
Supplies 920
deejay tury
Mar 2, 2007, 03:31 PM
when the question states : an inventory count shows $280 of cleaning supplies on hand?
do you subtract $280 from the cleaning supplies or does $280 stay as is ...or does it go in the general journal as $920 because cleaning supplies are $1200 ??
In the adjustment trial balance it goes as 280 and in the general journal it goes as 920 because u subtract 280 from 1200 .