Question

On January 1, Great Designs Company had a debit balance of $2,183 in the office supplies account. During the month, Great Designs purchased $515 and $500 of office supplies and journalized them to the asset account upon purchasing. On January 31, an inspection of the office supplies cabinet shows that only $774 of office supplies remains. Journalize the January 31 adjusting entry for office supplies. If an amount box does not require an entry, leave it blank. Jan 31 ________ _______ ________ ________

Answer 1

Answer: Dr Office supplies expense $2,424

Cr Office supplies $2,424

Step-by-step explanation:

Based on the information given in the question, the January 31 adjusting entry for office supplies goes thus:

Journal entry on Jan 31st-

Dr Office supplies expense $2,424

Cr Office supplies $2,424

Working:

Total office supplies available = $2183 + $515 + $500 = $3198

Total supplies available on January, 31st = $774

Therefore, supplies consumed will be:

= $3198 - $774

= $2424