Homework Answers
OPENING BALANCE OF SUPPLIES = $3200
PURCHASED SUPPY = $7700
SUPPLY IN HAND AT THE END OF YEAR = $3850
SUPPLIES USED DURING THE YEAR = (OPENING BALANCE +
PURCHASES -SUPPLY IN HAND AT THE END )
= $(3200+7700-3850)
= $7050
GENERAL JOURNAL
| PARTICULARS | DEBIT ($) | CREDIT($) |
| SUPPLIES ----------DR | 7700 | |
| TO CASH | 7700 | |
| (BEING SUPPLIES PURCHASED) | ||
| PARTCULARS | DEBIT ($) | CREDIT($) |
| SUPPLIES EXPENSE ----------------DR | 7050 | |
| TO SUPPLIES | 7050 | |
| (BEING ADJUSTING ENTRY FOR SUPPLIES USED DURING THE YEAR IS MADE) |
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