The balance in the office supplies account on January 1 was $6,671, the supplies purchased during...
The balance in the office supplies account on January 1 was $6,671, the supplies purchased during January were $3,811, and the supplies on hand on January 31 were $2,401. The amount to be used for the appropriate adjusting entry is
a.$3,811
b.$8,081
c.$2,401
d.$12,883
Homework Answers
| Solution: | |||
| Answer is b. $8,081 | |||
| The amount to be used for the appropriate adjusting entry is $8,081 | |||
| Working Notes: | |||
| office supplies expense | 8,081 | ||
| [Beginning + purchases - Ending ] | |||
| =6,671 + 3,811 - 2,401 = 8,081 | |||
| office supplies | 8,081 | ||
| Since at beginning of the year office supplies were $6,671 and during the month purchases were 3,811 but at end is only $2,401 means balance used during the year hence booked as expense $8,081 | |||
| Please feel free to ask if anything about above solution in comment section of the question. | |||
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