Problemshandi company has a supplies account balance of, Ask an Expert

Accounting

Problem:

Shandi Company has a Supplies account balance of $5,000 on January 1, 2013. During 2013, it purchased $2,000 of supplies. As of December 31, 2013, a supplies inventory shows $800 of supplies available.

Required:

Question: Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2013.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164939

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