Question

For each of the above separate cases, prepare adjusting entries required of finan December 31 View transaction list Journal entry worksheet < 2 3 4 5 6 The Office Supplies account had a $340 debit balance at the beginning of December. During December, $4,658 of office supplies are purchased. A physical count of supplies at December 31 shows $516 of supplies available. Note: Enter debits before credits. Transaction Debit Credit General Journal Supplies expense Supplies Record entry Clear entry View gener < Prev 2 of 4

Answer 1

Supplies (Beg. balance) = $340

Add: Purchases = $4,658

Less: Supplies (End. balance) = *$516)

Supplies consumed = $4,482

Journal Entry (purchase)

Supplies account.............Debit $4,658

To cash/Accounts payable account..........Credit  $4,658

Journal entry (supplies consumed)

Supplies Expense account................Debit  $4,482

To Supplies account.........................Credit $4,482