At the beginning of the fiscal year 2018, Samat Company did not have any office supplies....
At the beginning of the fiscal year 2018, Samat Company did not have any office supplies. On January 2, 2018, it used $800 cash to purchase some office supplies. On December 31, 2018, the company's year end, a physical count showed the $210 worth of office supplies remained. Prepared journal entires related to office supplies for Samat Company for the fiscal year 2018.
| Date | Account Title and Explanation | PR | Debit | Credit |
Homework Answers
| Jan 2 | Supplies | 800 | |
| Cash | 800 | ||
| Dec31 | Supplies expense | 590 | |
| supplies | 590 | ||
| (800 - 210) | |||
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At the beginning of the fiscal year 2018, Samat Company did not
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Throughout the year the company purchased $1,500 in supplies. A
physical count of the supplies showed $525 of unused supplies
available as of December 31, 2015. Prepare the required adjusting
entry. 2. You have the following insurance policies:
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