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March 27, 2015

Homework Help: Accounting

Posted by Sondra on Monday, April 25, 2011 at 10:10pm.

#15 Supplies: Original Purchase and Adjusting Entry
On January 1, the company had office supplies costing $4,600. On March 23, the company
bought additional office supplies costing $8,200; the company paid cash. On December 31,
a physical count of office supplies revealed that supplies costing $2,900 remained. (1) Make
the journal entry necessary on the company’s books on March 23 to record the purchase of
office supplies and (2) make the adjusting entry necessary on December 31 with respect to
office supplies.

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