Blossom Company's trial balance at December 31 shows Supplies $8,820
Blossom Company's trial balance at December 31 shows Supplies $8,820 and Supplies Expense $0.On December 31, there are $2,080 of supplies on hand.
Prepare the adjusting entry at December 31.
Using Taccounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.
Homework Answers
Beginning supplies = $8,820
Ending supplies = $2,080
Supplies expense = Beginning supplies - Ending supplies
= 8,820-2,080
= $6,740
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31 | Supplies expense | $6,740 | |
| Supplies | $6,740 |
| Supplies | |||
| 12/31 | 8,820 | 12/31 | 6,740 |
| 12/31 | 2,080 | ||
| Supplies Expense | |||
| 12/31 | 0 | ||
| 12/31 | 6,740 | ||
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