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    mikescottkirk's Avatar
    mikescottkirk Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 8, 2012, 07:20 PM
    The June 30 inventory of office supplies total $260
    Adjusting entries
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Apr 9, 2012, 03:37 AM
    So what is your question? There isn't enough of a question here for us to answer. Also if this is a homework question there are some rules we have for homework help

    We won't do your homework questions for you. You were given the assignment for you to learn.

    If you come up with your own answer or process and post it for us to critique that is acceptable. If you have some SPECIFIC questions that you couldn't find or didn't understand, we may help with that.
    But this is your assignment, so show us you have at least attempted to complete it on your own.

    Thank you.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Apr 9, 2012, 06:22 AM
    You have to start with your Office Supplies account balance and bring it into agreement with your actual account balance. This is known as an adjusting entry.

    Your adjusting entry will be:
    Debit Office Supplies Expense for the difference between your account balance and your actual account balance
    Credit Office Supplies for the same amount
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