Homework Help: More Acctg

Posted by Teresa on Monday, January 5, 2009 at 9:35pm.

The supplies account had a beginning balance of $1245 and was debited for $2860 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year assuming the amount of supplies on hand is $1349.
I added the $2860 for the used supplies to the $1349 for the on hand which gave me the beginning balance for Dec of $4209. I journalized the entry below, just want to know if I did it correctly?

Supplies Expense $2860
Supplies $2860
Supplies Used ($4209-$1349)

Thanks in advance!

More Acctg - Teresa, Monday, January 5, 2009 at 10:32pm
Nevermind, I actually found the answer! I was way off!

Answer this Question

Related Questions

Accounting Help Needed - The balance in the office supplies account on June 1 ...
Accountng - On january 1st, NetSolutions had a debit balance of $1,250.00 in the...
accounting - How do you journalize theses transactions? 8) Purchased $15000 food...
Financial Accounting - Prepare adjusting journal entries for the year ended ...
Accounting - Julie Molony opened Julie's Maids Cleaning Service on July 1, ...
ACCOUNTING CONFUSED!! HELP - Andy Wright,D.D.S., opened a dental practice on ...
Principles of Accounting - E2-2 Selected transactions for D. Reyes, Inc., an ...
ACCOUNTING CONFUSED!! HELP - Andy Wright,D.D.S., opened a dental practice on ...
accounting URGENT HELP DUE IN 1HR - (a) Fill in the missing amounts. (If answer ...
Accounting - #15 Supplies: Original Purchase and Adjusting Entry On January 1, ...

For Further Reading

First Name:
School Subject:
Answer: