Adjusting Entry for Supplies
The balance in the supplies account, before adjustment at the end of the year, is $1,418.
Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $666.
Solution
Date | General Journal | Debit | Credit |
31-Dec | Supplies expense | $ 752.00 | |
Supplies | $ 752.00 | ||
(To record Supplies expense) |
If supplies balance decreased from 1418 to 666 then it means (1418-666=752) $752 worth of supplies are used and should be recorded as expense.
The recording of expense will include a credit to supplies so that supplies balance may reduce to $666.
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