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    lharding's Avatar
    lharding Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 18, 2009, 02:13 PM
    Accounting disaster
    The balance in the supplies account before adustments at the end of the year is $1,736. How am I suppose to journalize the adjusting entry if the amount of the supplies on hand at the end of the year was $813.
    Minusing those amounts from each othe equals out to 923, but nothing adds up to be equal to journalize it.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Feb 18, 2009, 04:27 PM

    The adjusting entry is:
    Debit Supplies Expense for 923 (1,736-813)
    Credit Supplies for 923
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