Charlie Company had $1,800 of supplies on hand at January 1. During the year, supplies with...
Charlie Company had $1,800 of supplies on hand at January 1.
During the year, supplies with a cost of $4,000 were purchased. At
December 31, the actual supplies on hand amount to $1,300. After
the adjustments are recorded and posted at December 31, determine
the balances in the Supplies and Supplies Expense
accounts.
Supplies Supplies Expense
a.
$1,300 $4,500
b.
$1,800 $4,000
c.
$5,300 $5,800
d.
$1,300 $5,800
Homework Answers
a. $1,300 $4,500
Supplies = $1,300
Supplies Expense = $1,800 + $4,000 - $1,300 = $4,500
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