Question

QUESTION 5 4 points Save A Prepare journal entries to record the following business transaction and related adjusting entry. A. January 12, purchased supplies for cash, to be used all year, $3,850 B. December 31, physical count of remaining supplies, $800 For the toolbar, press ALT+F10 (PC) or ALT+EN÷E10. (Mac)​

Answer 1

Following are the required Journal entries which have to be passed:

Date     Account Titles                       Debit            Credit

12-Jan Supplies                       $3,850  

        To  Cash                                                    $3,850

Narration: (Being supplies purchased for cash)  

31-Dec Supplies Expense         $3,050  

         To Supplies                                               $3,050

Narration: (Being adjusting entry passed for supplies used     ($3,850-$800)  

What are adjusting Entries?

Adjusting entries are a group of journal entries made after the accounting period to update and accurately reflect the balances of all the accounts. Applying the accrual foundation of accounting just through adjusting entries.

Thus, the following mentioned above journals are required to be passed along with that adjusting entry. please find the attachment of the required journal entry.

Learn more about Adjusting Entries here:

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