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    dantes234's Avatar
    dantes234 Posts: 3, Reputation: 1
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    #1

    Jan 26, 2009, 04:46 PM
    Adjusting Entries
    Office Supplies has a balance of 2,400. An Inventory at December 31 shows $1,700 of supplies of hand. What are the entries based on cost
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
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    #2

    Jan 26, 2009, 04:49 PM

    Hint: How much of the supplies did you use? What accounts do you think you need to adjust for this?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Jan 28, 2009, 07:02 PM

    Your journal entry for the difference will be:

    Debit Supplies Expense for the amount
    Credit Supplies for the amount
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
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    #4

    Jan 28, 2009, 09:32 PM
    Quote Originally Posted by pready View Post
    your journal entry for the difference will be:

    Debit supplies expense for the amount
    credit supplies for the amount
    Stop giving people the answers!!
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