Question

The supplies account had a beginning balance of $1,707. Supplies purchased during the period totalid 53,344 . At the end of the penod before adjustment, 5592 of supplies was on hand. Jeumalize the adjusting entry for supplies. If an amount box does not reqaire an entry, leave it blank..

Answer 1

To calculate the adjusting entry for supplies, subtract the supplies on hand at the end of the period from the total supplies available. Debit the Supplies Expense account and credit the Supplies account with the amount of supplies used.

Step-by-step explanation:

The student is asking about journalizing an adjusting entry for supplies in accounting. To start, one needs to determine the value of supplies used during the period. Having a beginning balance of $1,707 and additional purchases of $3,344, the total supplies available come to $5,051. At the end of the period, $592 of supplies are on hand, meaning that $4,459 worth of supplies ($5,051 - $592) have been used. The adjusting entry would be a debit to Supplies Expense for $4,459 and a credit to Supplies for $4,459 to reflect the used supplies.

Journal Entry:

Debit: Supplies Expense $4,459

Credit: Supplies $4,459