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.

Question

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!

Answer 1

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.

Nevermind, I actually found the answer! I was way off!