[Jok3r]

Hello everyone ,

I study in economics and also I need problem set solutions for financial accounting williams haka bettner,

Is there anyone to help me?

[rehmanvohra]

We are here to help you. However, you must submit your answer even if it is wrong. We will guide you on the answer. We will not solve the problem for you

[Jok3r]

My question is "office suplies on hand at december 31,2007 total $110." How can I adjust this data?

I think that there is no adjusting but question says that you have to do :S:S help me about this question.

Before this statement there is no another information about that.

[rehmanvohra]

Apparently the question relaters to adjusting entries. Please remember that GAAP requires the accounts to be maintained on accrual principle and, as such, at the end of an accounting period you have to match the revenues earned with the expenses incurred to earn that revenue.

As requested you have not posted your answer but have sought a solution. We will not solve the problem for you. However, as a guidance, follow these steps:

1. Look up the trial balance and look at the account. Is the account called "Office Supplies Expense" or just "Office Supplies"?
2. If it says "Office Supplies Expense" then it means that $110 of the office supplies are unused at year end and need to be reported as a reduction of expense.
3. If it says "Office Supplies" then it means that the remaining amount is an expired cost and must be expensed.