At the beginning of the month, supplies were $ 2,500. During the month, $3,500 of supplies...
At the beginning of the month, supplies were $ 2,500. During the month, $3,500 of supplies were purchased. At month's end, 500 of supplies are still on hand. What is the
• adjusting entry?
•ending balance in the Supplies account?
First, prepare the adjusting journal entry for Supplies. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts and Explanations Debit Credit
The ending balance in the Supplies account was $ .
Homework Answers
Answer:
| Date | Accounts titles and Explanation | Debit ($) | Credit ($) |
| A | Supplies expense(2500+3500-500) | 5,500 | |
| Supplies | 5,500 | ||
| (To record supplies expenses) | |||
| B | The ending balance in the Supplies account was $500 | ||
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