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29 October, 11:04

At the beginning of December, Global Corporation had $1,800 in supplies on hand. During the month, supplies purchased amounted to $2,900, but by the end of the month the supplies balance was only $1,800. What is the appropriate month-end adjusting entry

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  1. 29 October, 13:40
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    The adjusting entry is shown below:

    Supplies expense A/c Dr $2,900

    To Supplies A/c $2,900

    (Being supplies expense is recorded)

    The supplies expense is computed below:

    = Supplies opening balance + purchase made - supplies ending balance

    = $1,800 + $2,900 - $1,800

    = $2,900

    For recording this transaction we debited the supplies expense account and credited the supplies account for $2,900
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