Question
follow the three-step process for adjusting the supplies asset account at December 31 please check my homework related to supplies expense, i'm having trouble with
follow the three-step process for adjusting the supplies asset account at December 31
please check my homework related to supplies expense, i'm having trouble with the debit and credit, and knowing if I'm proving exactly what they're asking of me
my deadline is in 20 minutes
For each separate case below, follow the three-step process for adjusting the supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.
Assume no other adjusting entries are made during the year.
a. The Supplies account has a $460 debit balance to start the year. No supplies were purchased during the current I count shows $190 of s DR or CR? Supplies 480 Step 1: Determine what the current account balance equals 5 480 Step 2: Determine what the current account balance should 270 Credit 270 Step 3: Record the December 31, adjusting entry to get from step 1 to Debit Credit Supplies expense during the current year and debited to the Supplies account. A December 31 physical count shows $850 of s DR or CR? Supplies Step 1: Determine what the current account balance equals Debit 1,200 1,200 3,250 what the current account balance should Credit 250 3,250 Step 3: Record the December 31, adjusting entry to get from step 1 to Debit Supplies expense 3,250 3,250 c. The Supplies account has a $4,800 debit balance to start the year. During the current year, supplies of $11,000 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $3,140 Supplies 4,800 12,800 Credit step 2. Adjusting Entry Debit Credit 2,800 Supplies 12.1R
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