Hahn Consulting Companys general ledger showed $785 in the Supplies account on January 1, 2021. On May
Question:
Hahn Consulting Company’s general ledger showed $785 in the Supplies account on January 1, 2021. On May 31, 2021, the company paid $3,255 for additional supplies. A count on December 31, 2021, showed $1,035 of supplies on hand.
a. Prepare the journal entry to record the purchase of supplies on May 31, 2021.
b. Calculate the amount of supplies used in 2021.
c. Prepare the adjusting entry required at December 31, 2021.
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a May 31 Supplies 3255 Cash 3255 Purchase supplies for cash b Supplies used ...View the full answer
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Related Book For 
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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