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The balance in the supplies account, before adjustment at the end of the year, is $2,397. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,127.

Respuesta :

Answer:

The Journal entry is as follows:

Supplies expense A/c Dr. $1,270

        To Supplies                           $1,270

Working notes:

Supplies expense

= Balance before adjustment -Ending balance

= $2,397 - $1,127

= $1,270

$1,270 worth of supplies has been used during the year, so it is considered as supplies expense.

And balance in supplies account before adjustment will reduce by $1,270 leaving ending balance of $1,127.

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