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need some correction as well thank you Sarasota Supply records all prepayments in expense accounts and had a balance on January 1, 2024, of $2,700
need some correction as well thank you
Sarasota Supply records all prepayments in expense accounts and had a balance on January 1, 2024, of $2,700 in the Supplies account. During the year, additional supplies were purchased for cash at a cost of $8,300 and recorded to the Supplies Expense account. A physical count of supplies on hand total $3,440 at December 31, 2024. No adjusting entries have been made until year end. (a) Your answer has been saved. See score detalls after the due date. Prepare I accounts for the Supplles and Supplies Expense accounts and enter the January 1.2024 balance (if the balance is zero (O), select date from drop down and enter O for the amounts) Record a summary account for the purchases of supplies during the year and post to the appropriate T account. (Credit occount. titles are automaticolly indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Prepare the necessary adjusting entry at December 31, 2024, and post to the T account and arrive at ending adjusted balances. (Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. List debit entry before credit entry) Step by Step Solution
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