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12 August, 08:24

At the beginning of December, Global Corporation had $2,100 in supplies on hand. During the month, supplies purchased amounted to $3,500, but by the end of the month the supplies balance was only $2,800. What is the appropriate month-end adjusting entry?

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Answers (2)
  1. 12 August, 09:30
    0
    Debit Supplies expense (p/l) $2,800

    Credit Supplies Inventory $2,800

    Explanation:

    Supplies at hand = $2,100

    Purchases = $3,500

    Closing balance = $2,800

    Amount used up = $2,100 + $3,500 - $2,800

    = $2,800

    Appropriate month-end adjusting entry is

    Debit Supplies expense (p/l) $2,800

    Credit Supplies Inventory $2,800

    Being entries to write off supplies used during the month.
  2. 12 August, 12:23
    0
    DR Supplies expense $2,800

    CR Supplies $2,800

    Explanation:

    Opening Balance $2,100

    Add Purchases $3,500

    Total $5,600

    Closing Balance $2,800

    To determine usage for the month

    =Total supplies - Closing Balance of Supplies

    = $5,600 - $2,800

    = $2,800

    Usage for the month = $2,800

    DR Supplies expense $2,800

    CR Supplies $2,800
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