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July 30, 2014

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!

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