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Need some help wrote random numbers to show format. Thank you For each separate case below, follow the three-step process for adjusting the Supplies asset
Need some help wrote random numbers to show format. Thank you
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 $400 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $160 of supplies remaining. Supplies DR or CR? 44 Debit Step 1: Determine what the current account balance equals. $ 44 Step 2: Determine what the current account balance should equal. | $ 44 Debit 44 Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Adjusting Entry Debit Prepaid insurance Credit Prepaid rent b. The Supplies account has an $1,050 debit balance to start the year. Supplies of $2,600 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $775 of supplies remaining. Supplies DR or CR? 6 Debit Step 1: Determine what the current account balance equals. $ Step 2: Determine what the current account balance should equal. $ 9 Credit Credit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Adjusting Entry Debit Prepaid insurance Rent expense Adjusting Entry Debit Credit Prepaid insurance Rent expense c. The Supplies account has a $4,500 debit balance to start the year. During the current year, supplies of $10,400 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,960. DR or CR? Supplies Step 1: Determine what the current account balance equals. $ 7 Debit Step 2: Determine what the current account balance should equal. $ 6 Debit Credit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Adjusting Entry Debit Prepaid insurance Prepaid rent
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