Entity K purchased $7,500 worth of office supplies on June 2 and recorded the purchase as...
Entity K purchased $7,500 worth of office supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of supplies indicated only $1,500 on hand. The adjusting entry that should be made by the company on June 30 is:
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r. Supplies 6,000 |
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Dr. Supplies 1,500; |
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Dr. Supplies Expense 1,500 |
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Dr. Supplies Expense 6,000; |
Homework Answers
Supplies purchased = 7500
Supplies in hand as on June end = 1500
Supplies used in June = 7500 - 1500 = 6000
Adjusting entry for use of supplies requires booking of supplies expense of 6000 and a simultaneous credit of 6000 for supplies account:
Journal entry:
Account title Debit Credit
Supplies Expense 6000
Supplies 6000
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Entity K purchased $7,500 worth of office supplies on June 2 and
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