Solution b:
Step 1: Determine what the current account balance equals. | $5,300.00 | Debit |
Step 2: Determine what the current account balance should equal. | $1,050.00 | Debit |
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 | ||
Supplies expense Dr | $4,250.00 | |
To Supplies | $4,250.00 |
Solution c:
Step 1: Determine what the current account balance equals. | $18,200.00 | Debit |
Step 2: Determine what the current account balance should equal. | $3,620.00 | Debit |
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 | ||
Supplies expense Dr | $14,580.00 | |
To Supplies | $14,580.00 |
b. The Supplies account has an $1,600 debit balance to start the year. Supplies of $3,700...
a. The Supplies account has a $360 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $140 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. b. The Supplies account has an $950 debit balance to start the year....
a. The Supplies account has a $320 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $120 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3: Record the December 31, adjusting entry to get from step 1 to step 2 b. The Supplies account has an $850 debit balance to start the year....
a. The Supplies account has a $600 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $260 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. b. The Supplies account has an $1,550 debit balance to start the year....
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of the year. A review of insurance policies shows $1,360 of insurance has expired by year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. c. Prepaid Rent. On September 1 of the current year, the company...
For each separate case below, follow the three-step process for adjusting the supplies asset account at December 31 Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year The Supplies account has a $580 debit balance to start the year. No supplies were purchased during...
For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. The Supplies account has a $580 debit balance to start the year. No supplies were purchased...
For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year, a. The Supplies account has a $460 debit balance to start the year. No supplies were purchased...
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
it says my values for B, step one and C step one are wrong. not sure what i did wrong b. The Supplies account has an $1,800 debit balance to start the year. Supplies of $4,100 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,150 of supplies remaining 8.33 points DR or CR? 1,800 Debit Supplies 1,800 Step 1: Determine what the current account balance equals. $ Step 2: Determine...
Need some help wrote random numbers to show format. Thank you For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. The Supplies account has a...