Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=19)
-   -   Debits and credits (https://www.askmehelpdesk.com/showthread.php?t=66280)

  • Feb 25, 2007, 02:03 PM
    deejay tury
    Debits and credits
    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?
  • Feb 25, 2007, 05:16 PM
    CaptainForest
    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
  • Mar 2, 2007, 08:20 AM
    genius101
    How to open phone to free call on a telecom network
  • Mar 2, 2007, 02:25 PM
    anuram
    Quote:

    Originally Posted by deejay tury
    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
  • Mar 2, 2007, 03:31 PM
    deejay tury
    Quote:

    Originally Posted by deejay tury
    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 .

  • All times are GMT -7. The time now is 01:55 AM.