Question

Adjusting Journal Entry?

My original supplies balance was 2.2. I purchased 10.6 on account, making for an unadjusted balance of My ending balance for the year is 12.8. The problem tells me that my closing balance is of 4.7. What is my adjusted journal entry?

1 year ago - 1 answers

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Beginning balance 2.2
Plus purchases 10.6
Equals supplies available for use 12.8
Minus supplies counted at end of year (4.7)
Equals supplies expense to be recorded 8.1

Debit Supplies Expense 8.1
Credit Supplies 8.1

1 year ago