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it says my values for B, step one and C step one are wrong. not sure...
b. The Supplies account has an $1,600 debit balance to start the year. Supplies of $3,700 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $1,050 of supplies remaining. DR or CR? 16,000 Debit Supplies 16,000 Step 1: Determine what the current account balance equals. ſ $ Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to...
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...
QS 3-5 Prepaid (deferred) expenses adjustments LO P1 For each separate case below, follow the three-step process for adjusting the prepaid 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. Prepaid Insurance. The Prepaid Insurance account has a...
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. 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....
c. Prepaid Rent. On September 1 of the current year, the company prepaid $46,800 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $46,800. DR or CR? Prepaid Rent Step 1: Determine what the current account balance equals. 46,800 Debit 46,800 Step 2: Determine what the current account balance should equal. $ 7,800 Debit 7,800 Step 3: Record the December 31, adjusting entry to get from step 1 to...
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....