Question

At the beginning of May. Golden Gopher Company reports a balance in Supplies of $400. On May 15, Golden Gopher purchases an additional $2,300 of supplies for cash. By the end of May, only $200 of supplies remains. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense. Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 -

Answer 1

Answer :

1. General Journal

Account Title	Debit	Credit
On May 15
Supplies A/c	$2,300
Cash		$2,300
(Being bought supplies for cash)
On May 31
Supplies expense A/c	$2,500
Supplies		$2,500
(Being adjustment made for supplies made)

2. Calculation of Supplies expense :

Particulars	Amount (in $)
Supplies, beginning	$400
Add : Supplies bought	$2,300
Less : Supplies, end	($200)
Supplies expense	$2,500

Balance of Supplies expense on May 31 = $2,500

Balance of Supplies on May 31 = $200