Question
On January 1, 2018, the balance of Supplies was $800. Purchases of supplies during the year amounted to $5,200. A physical count of supplies at
On January 1, 2018, the balance of Supplies was $800. Purchases of supplies during the year amounted to $5,200. A physical count of supplies at year-end showed $4,400 of supplies were used.
a. How much Supplies Expense will appear on the 2018 Income Statement?
b. What is the balance of Supplies on the Dec. 31, 2018 Balance Sheet?
What is the effect on the 2018 financial statements if the adjusting entry for Supplies is omitted?
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Financial Accounting An International Introduction
Authors: David Alexander
2nd Edition
9780273685203
