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    Staci0115's Avatar
    Staci0115 Posts: 12, Reputation: 1
    New Member

    Nov 15, 2008, 09:24 AM
    Adjusting entries using trial balance and supplemental information
    The following is a partial trial balance for the Mendoza Company as of December 31, 2004:

    The Mendoza Company
    Partial Trial Balance
    December 31, 2004

    Office suppley inventory $1,400 DR
    Wages payable $0 CR
    Office supply expense $36,000 DR
    Wage expense $45,500 DR

    Additional information includes the following:
    a. Office supplies on hand at the year end were $1,230.
    b. The total payroll cost for the year 2004 was $50,000. At December 31, 2004, the company owed employees $4,500 for wages earned in 2004.

    Record the adjusting entries required at December 31, 2004, based on the above information.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member

    Nov 15, 2008, 01:51 PM

    The adjusting entry will be:

    A. the difference between the Office Supplies account and what is actually on hand
    Debit Office Supplies Expense for the difference
    Credit Office Supplies for the difference.

    Note: The ending amount in your Office Supplies Account should be your ending inventory.

    B: You need to Debit Wage expense for 4,500
    And Credit Wages Payable for 4,500

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