[shamimkesh1]

Hi

What would be the accounting transactions for the following:

1/ Store supplies on hand
2/ Interest accrued on notes payable
3/ Salaries accrued but not paid
4/ Merchandise Inventory

I would sincerely appreciate your help

[pready]

It looks like you have adjusting entries where you have to calculate the amount, then do an adjusting entry.

For an example your Supplies account balance is $250 but your actual physical balance is $50 worth of supplies. You have to get your Supplies account balance to $50 because there is $50 worth of supplies onhand, not the $250 your account says there is. So you have to calculate the amount of the adjusting entry by taking $250 account balance minus the $50 actual balance equals $200 adjustment amount. This is the amount used during your accounting period. So your adjusting entry will be:
Debit Supplies Expense for $200
Credit Supplies for $200

Now your Supplies account balance will be $50 which is what your actual balance is.