Adjusting entries ABC. Co purchased 600 of office supplies on account on October 15th. On December...
Adjusting entries
ABC. Co purchased 600 of office supplies on account on October 15th. On December 31st, 150 of office supplies remain on hand. Prepare the journal entries to record the October 15th purchase and the adjusting entry on December 31st.
Homework Answers
| Date | Account Title | Debit | Credit |
| 15-Oct | Office supplies | 600 | |
| Account Payable | 600 | ||
| ( to record purchase of account supplies ) | |||
| 31-Dec | Supplies Expneses (operating expenses) (600-150) | 450 | |
| Office supplies | 450 | ||
| ( to record office supplies used during the period) | |||
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Adjusting entries
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of $4,800 was paid on October 1 of the current year for coverage
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Prepaid Insurance on October 1. At December 31 of the current year,
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Supplies used, $10,400 (supplies totaling $16,800 were
purchased on December 1, 2019, and debited to the Supplies
account).
Expired insurance, $7,600; on December 1, 2019, the firm paid
$45,600 for six months’ insurance coverage in advance and debited
Prepaid Insurance for this amount.
Depreciation expense for equipment, $5,200.
Required:
Prepare the journal entries for these adjustments and post the
entries to the general ledger accounts
We were unable to...
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