Question

Adjustment for Prepaid Expense The supplies account had a beginning balance of $8,450 and was debited for $4,480 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $5,300.

Answer 1

Answer:

Date	Account	Debit	Credit
	Supplies Expense	$    7,630
	Supplies		$ 7,630
	(Supplies used during the year)
Calculation of supplies used
	Beginning balance	$        8,450
Add	Purchases	$        4,480
Less	Ending balance	$        5,300
	Supplies used	$        7,630

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