Question

Office Supplies: The Office Supplies account started the year with a $4,000 debit balance. During the year, the company purchased supplies for $13,400, which added to the Office Supplies Account. The inventory of supplies available at the end of the year totaled $2,554.
1. The beginning balance of Office Supplies: (5 pts)
$4,000

2. The amount to be adjusted (show your calculation): (5 pts)




3. The ending balance of the account after the adjustment (show your calculation): (5 pts)




4. Adjusting Journal Entry (please include description): (10 pts)
Date Account Debit Credit

Answer 1

Answer:

1. $4000

2. $14846

3. $2554

3. Dr. Supplies Expense Account     14846

   Cr. Office Supplies Account          14846

Step-by-step explanation:

Opening balance = 4000

New purchases = 13400

Balance after Purchase = 17400

Year end balance = 2554

Adjustment in the year = 17400 - 2554 = 14846

Balancing

Opening balance = Dr. 4000

New purchases = Dr. 13400 (added in the balance)

Balance after Purchase = Dr. 17400

Adjustment in the year = Cr. 14846 (subtracted from the balance)

Year end balance = Dr. 2554

Answer 2

1. $4000

2. $14846

3. $2554

4. Dr. Supplies Expense Account     14846

        Office Supplies Account          14846

• The calculation is as follows:

1. The beginning balance should be $4,000

2. The adjusted amount is

Opening balance = 4000

Add: New purchases = 13400

Balance after Purchase = 17400

Less: Year end balance = 2554

Adjustment in the year =  14846

3. The ending balance is $2,554

4. The adjusting journal entry is

Dr. Supplies Expense Account     14846

        Office Supplies Account          14846

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