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The supplies account shows a beginning balance of $3,000. Assume the supplies account shows a debit for $5,500 representing supplies purchased during the period and the supplies inventory at year-end is $1,700. The adjusting entry involves a:
Question 32 answers
debit to supplies expense for $6,800
debit to supplies for $6,800
debit to supplies expense for $1,700
debit to supplies for $1,700

and

A company began operations and purchased $6,000 of supplies. By year-end, $2,700 was still on hand. The adjusting entry at year end would include a:
Question 34 answers
debit to supplies of $6,000
credit to supplies for $3,300
credit to supplies for $2,700
debit to supplies expense for $2,700

2007-06-26 14:50:04 · 5 answers · asked by mke 2 in Business & Finance Personal Finance

5 answers

Qn 1

You started with $3k, and you bought another $5.5k, so you had a total of $8.5k in your store. By the end of the year when you check your store, you have only $1.7k left. So how much have you taken out of the store? $8,500 - $1,700 =$6,800.
Dr Supplies expense $6,800 (the answer)
Cr Supplies $6,800

Qn 2

This is similar to the above. You had $6k of supplies in your store but by year-end, there is only $2,700 left. So you must have used up $6,000 - $2,700 = $3,300. You'd:
Dr Supplies expense $3,300
Cr Supplies $3,300 (the answer)

2007-06-26 15:59:48 · answer #1 · answered by Sandy 7 · 0 0

debit to supplies expense for 6800
and
credit to supplies 3300

2007-06-26 21:57:03 · answer #2 · answered by KillerKat 3 · 0 0

debit to supplies expense for $6,800
and
credit to supplies for $3,300

2007-06-26 22:01:36 · answer #3 · answered by Anonymous · 0 1

Plz post this question under the accounting forum at http://www.tutorbuddy.org i will answer when you post

2007-06-26 21:52:42 · answer #4 · answered by Anonymous · 0 1

You're going to have to do your homework all by yourself.

2007-06-26 21:54:28 · answer #5 · answered by Angie 6 · 0 1

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