At the beginning of the year, office supplies of

$1,300

were on hand. During the year,

Sprint

Air Conditioning Service paid

$2,000

for more office supplies. At the end of the year,

Sprint

has

$700

of office supplies on hand.Read the requirements

LOADING...

.Requirement 1. Record the adjusting entry assuming that

Sprint

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

Sprint

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

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 $0 unadjusted balance, make sure to enter "0" on the normal side of the accounts.)

Office Supplies

Supplies Expense

Requirement 2. Record the adjusting entry assuming that

Sprint

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.Begin by recording the adjusting entry assuming that

Sprint

records office supplies by initially debiting an expense account. (Record debits first, then credits. Select the explanation on the last line of the journal entry.)

Date			Accounts and Explanation	Debit	Credit

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 supplies in the Supplies Expense T-account.

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 $0 unadjusted balance, make sure to enter "0" on the normal side of the accounts.)

Office Supplies

Supplies Expense

Requirement 3. Compare the ending balances of the T-accounts under both approaches. Are they the same?

The ending balances in the Office Supplies account and the Supplies Expense account are

different,

the same,

depending on

regardless of

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 question.