The company has a Supplies account balance of $200 on January 1. During the year, the company purchased $1,500 of supplies. As of December 31, a count revealed that there were $500 of supplies on hand. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Homework Answers
Answer
A journal entry is used to record a business transaction in the accounting records of a business.Adjusting entries are journal entries made at the end of an accounting cycle to update certain revenue and expense accounts.
| The adjusting journal entry for supplies used during the Year | |||
| Date | General Journal | Debit | Credit |
| Dec. 31 | Supplies expenses | $1,200 | |
| Supplies | $1,200 | ||
| (being supplies used during the year) | |||
| Working note: | |||
| Calculation of amount of supplies used during the year | |||
| supplies used= Opening supplies+ supplies purchased-Closing supplies | |||
| $ 200+$1500-$500= $1200 |
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