Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of...

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Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $9,000. Journa

Determining Supplies Purchased The supplies and supplies expense accounts at December 31, after adjusting entries have been p

business accounting

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Answer 1

Answer #1

1.


Dec 31	Supplies expense (9000-1575)	$ 7425
	Supplies		$ 7425
	(To record supplies expense)

Supplies expense forms part of expense. Hence, it has been debited. On other hand, supplies are an asset for the business, and it has decreased. Hence, it is credited.

2.

Supplies purchased during the year = Supplies expense + Supplies = 7120 +2550 = $ 9670

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Answer 2

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