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    Daydreamer14's Avatar
    Daydreamer14 Posts: 2, Reputation: 1
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    #1

    Sep 28, 2009, 02:22 PM
    Accounting Homework, An inventory count shows $480 of supplies on hand on May 1st.
    An inventory count shows $480 of supplies on hand on May 1st.

    How would I write this in a journal?

    Dr: Cleaning Supplies 480
    Cr: depreciation 480


    Please help?
    bunnyKutty's Avatar
    bunnyKutty Posts: 60, Reputation: 5
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    #2

    Sep 28, 2009, 09:33 PM

    Give the other details relating to supplies as to what is the trial balance balance.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Sep 29, 2009, 12:00 AM

    Depreciation would not be involved. Depreciation is lowing the value of a plant asset. Supplies aren't a plant asset. And the entry isn't trying to lower the value of them.

    However, what I don't get is that date. Giving you the supplies on hand is generally an adjusting entries, and you don't do adjusting entries at the beginning of a month. So can't say as I get that.
    meisha1's Avatar
    meisha1 Posts: 1, Reputation: 1
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    #4

    Mar 7, 2010, 03:06 PM

    Would it be supplies and supplies expense for $ 100 in adjusted entries
    millanbr's Avatar
    millanbr Posts: 5, Reputation: 0
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    #5

    Mar 9, 2010, 04:56 PM

    How did you pay for the supplies? With cash? Or on account?
    If you paid with cash then debit supplies and credit cash. If you paid on account then, debit supplies and credit accounts payable
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #6

    Mar 10, 2010, 04:12 AM

    millanbr, the post specified it was an adjusting entry, not a purchase. Do you know what an adjusting entry is?
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