1. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. 2. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an expense account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance in the Office Supplies T-account, and the purchase of office supplies in the Supplies Expense T-account. 3. Compare the ending balances of the T-accounts under both approaches. Are they the same? Print Done Al the beginning of the year, office supples of $1,200 were on hand. During the year Derby Air Conditioning Service paid $5,000 for more office supplies. At the end of the year, Derby has $800 of office supplies on hand. Read the comicemen Requirement 1. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. Begin by recording the adjusting entry assuming that Derby records office supplies by initially debiting an asset account. (Record debits first, then credits. Select the explanation on the last line of the journal entry) Date Accounts and Explanation Debit Credit Supplies Expense Office Supplies Now post the adjusting entry to the Office Supplies and Supplies Expense T-accounts Enter the beginning balances on the first line of each account. Use a "Jan. 1" reference to show the beginning balance. Make sure to include the purchase of office supplies in the Office Supplies T-account, then post the adjusting entry, Use a "Bal" reference to show the ending balance of each account (For accounts with a SO unadjusted balance, make sure to enter "O on the normal side of the accounts.) At the beginning of the year, office supplies of $1.200 were on hand. During the year, Derty Air Conditioning Service paid $5,000 for more office supplies. At the end of the year, Derby has $800 supplies on hand Read the fame Office Supplies Supplies Expense Requirement 2. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an expense account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance in the Office Supplies incoount and the purchase of office supplies in Supplies Expense T-account Begin by recording the adjusting entry assuming that Derby records office supplies by initially debiting an expense account. Record debitant, then credits Select the explanation on the last line journal entry) Date Accounts and explanation Debit Credit At the beginning of the year, office supplies of $1.200 were on hand. During the year, Derby Ar Conditioning Service paid $5,000 for more office supplies. At the end of the year, Derby has 5800 of or supplies on hand Read the conten Now post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance in the Office Supplies T-account, and the purchase of office supplier T Enter the beginning balances on the first line of each count. Use a Jan 1" reference to show the beginning balance. Make sure to include the purchase of office supplies in the Office Supplies T-account, then post the adjusting entry Use a "Bal" reference to show the ending balance of each account. For accounts with a sunausted balance, make sure to enter on the normal side of accounts) Office Supplies Supplies Expense Requirement 3. Compare the ending balances of the accounts under both approaches. Are they the same? The ending balances in the Office Supplies account and the Supplies Expense contare which of the two approaches is used Choose from any list or enter any number in the input fields and then continue to the next gestion
