Question

In: Accounting

1. Ashton Company began the year with a zero balance in its Supplies General Ledger account....

1. Ashton Company began the year with a zero balance in its Supplies General Ledger account. During the year, Able Company purchased $39,600 of supplies. At the end of the year,a physical count of the supplies showed $1,760 of supplies remained on hand. Make the adjusting entry to the Supplies and Supplies Expense accounts for the year. Enter the date, account and debit and credit amount. Be sure to indent the credit line.

Solutions

Expert Solution

Date Accounts Titles & Explanation Debit ($) Credit ($)
Year end Supplies expense [$39,600 - $1,760] 37,840
Supplies 37,840
[To record adjusting entry to the supplies]

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Sheldon Company began Year 1 with $1200 in its supplies account. During the year, the company...
Sheldon Company began Year 1 with $1200 in its supplies account. During the year, the company purchased $3500 of supplies on account. The company paid $2100 on accounts payable by year end. At the end of Year 1, Sheldon counted $1900 of supplies on hand. Sheldon's financial statements for Year 1 would show: $2600 of supplies; $3500 of supplies expense $1900 of supplies; $2800 of supplies expense $1900 of supplies; $1600 of supplies expense $2600 of supplies; $700 of supplies...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit cash $59,000 accounts receivable $25,600 allowance for uncollectible accounts 2,500 inventory 36,600 notes receivable (5%, due in 2 years) 15,600 land 158,000 Accounts payable 15,100 common stock 223,000 retained earnings 54,200 Totals 294,800 294,800 During January 1 Year 1, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,400 Accounts Receivable 5,800 Supplies 3,700 Land 56,000 Accounts Payable $ 3,800 Common Stock 71,000 Retained Earnings 15,100 Totals $ 89,900 $ 89,900 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,800 ($650/month). January 9 Purchase additional supplies on account, $4,100. January 13 Provide services to customers on account, $26,100....
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 25,300 Accounts Receivable 6,700 Supplies 4,600 Land 65,000 Accounts Payable $ 4,700 Common Stock 80,000 Retained Earnings 16,900 Totals $ 101,600 $ 101,600 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $10,500 ($875/month). January 9 Purchase additional supplies on account, $5,000. January 13 Provide services to customers on account, $27,000....
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 25,800 Accounts Receivable 7,200 Supplies 5,100 Land 70,000 Accounts Payable $ 5,200 Common Stock 85,000 Retained Earnings 17,900 Totals $ 108,100 $ 108,100 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500....
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,300 Accounts Receivable 42,500 Allowance for Uncollectible Accounts $ 2,700 Inventory 42,000 Land 79,600 Accounts Payable 29,200 Notes Payable (8%, due in 3 years) 42,000 Common Stock 68,000 Retained Earnings 46,500 Totals $ 188,400 $ 188,400 The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January Year 1, the company had the following inventory...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances:    Accounts Debit Credit Cash $ 59,400 Accounts Receivable 26,400 Allowance for Uncollectible Accounts $ 2,900 Inventory 37,000 Notes Receivable (5%, due in 2 years) 20,400 Land 162,000 Accounts Payable 15,500 Common Stock 227,000 Retained Earnings 59,800 Totals $ 305,200 $ 305,200    During January Year 1, the following transactions occur:    January 1 Purchase equipment for $20,200. The company estimates a residual value...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances:    Accounts Debit Credit Cash $ 59,400 Accounts Receivable 26,400 Allowance for Uncollectible Accounts $ 2,900 Inventory 37,000 Notes Receivable (5%, due in 2 years) 20,400 Land 162,000 Accounts Payable 15,500 Common Stock 227,000 Retained Earnings 59,800 Totals $ 305,200 $ 305,200    During January Year 1, the following transactions occur:    January 1 Purchase equipment for $20,200. The company estimates a residual value...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 25,300 Accounts Receivable 6,700 Supplies 4,600 Land 65,000 Accounts Payable $ 4,700 Common Stock 80,000 Retained Earnings 16,900 Totals $ 101,600 $ 101,600 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $10,500 ($875/month). January 9 Purchase additional supplies on account, $5,000. January 13 Provide services to customers on account, $27,000....
McBride Company has the following opening account balances in its general ledger on January 1. General...
McBride Company has the following opening account balances in its general ledger on January 1. General Ledger Acct # Account Title Jan. 1 Balance 101 Cash 35,970 112 Accounts Receivable 14,100 115 Notes Receivable 38,680 120 Inventory 21,100 126 Supplies 1,150 130 Prepaid Insurance 1,900 157 Equipment 6,640 158 Accumulated Depreciation-Equip. 1,524 201 Accounts Payable 34,300 301 Owner's Capital 83,716 In addition, the following transactions have not been journalized for January 2014. Jan.3 Sell merchandise on account to B. Berg...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT