Question

Solve for the missing amounts in the T-account given below. Assume that there is only one debit entry and one credit entry in the account during the month. Required: a. The Supplies account had a balance of $1,300 at the beginning of the month and $1,800 at the end of the month. The cost of supplies purchased during the month was $4.100. Calculate the cost of supplies used during the month. Supplies Beginning balance Supplies purchased Ending balance Supplies used b. Wages Payable had a balance of $6.000 at the end of the month. During the month $30,000 of wages were paid to employees. Wages expense accrued during the month totaled $31,500. Calculate Wages Payable at the beginning of the month. Wages Payable Beginning balance Wages accrued Ending balance Wages paid

Answer 1

Answer: (a). To calculate Cost of Supplies used, we have to prepare Supplies T- Account as follows: Supplies Account Beginning balance $1,300 supplies Purchand $4,100 Supplies used $3,600 (Balancing figure). $5400 $5400 Ending Balance | $1800 (b). wages Payable at the beginning of the month can be calculated by preparing wages Payable To Account as follows: Wages Payable Account $30,000 Beginning Balance $4500 (Balancing figure) Wages accrued $31,500 $36,000 $36,000 Ending Balance $6000 wages Paid

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