On January 1, Ogden, Inc. had $1,500 of supplies on hand. During January, Ogden purchased $5,500...

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On January 1, Ogden, Inc. had $1,500 of supplies on hand. During January, Ogden purchased $5,500 worth of new supplies. At th

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Answer 1

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Journal Entry

Date	Acount	Debit	Credit

January 31	Supplies Expenses Account	$6300
	Supplies		$6300

Note : Computation of Supplies to be Expended

Supplies Opening Balance(1)	$1500
Add : Purchase(2)	$5500
Supplies Available(1+2)=(3)	$7000
Less: Supplies Closing balance(4)	$700
Supplies Expended(3-4)=(5)	$6300

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