Ask Question
25 August, 08:55

The supplies inventory on August 1, 2017 was $9,350. Supplies costing $24,150 were acquired during the year and charged to the supplies inventory. A count on July 31, 2018 indicated supplies on hand of $8,810. Present, in journal form, the adjustment that would be made on July 31, 2013, the end of the fiscal year.

+4
Answers (1)
  1. 25 August, 11:40
    0
    supplies expense 24,690 debit

    supplies 24,690 credit

    to record used supplied for the period

    Explanation:

    we will calcualte the suppliesexpense as follows:

    beginning supplies + purchase = ending + consumption

    the left side are the input of supplies from the period.

    They can be in stock from prior period or being purchased during the current period

    Then, the right side is the destination, they could be used or keep at inventory

    Now, we plug the values into the formula andd solve for the missing value:

    9,350 + 24,150 = 8,810 + consumption

    9,350 + 24,150 - 8,810 = consumption = 24,690‬

    This will be the supplies expense to recognize
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The supplies inventory on August 1, 2017 was $9,350. Supplies costing $24,150 were acquired during the year and charged to the supplies ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers