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Homework answers / question archive / Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $4,850

Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $4,850

Accounting

Adjusting Entry for Supplies

The balance in the supplies account, before adjustment at the end of the year, is $4,850.

Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $880.

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Answer:

General Journal Debit Credit
Supplies expense ($4,850 - $880) 3,970  
Supplies   3,970
(To record adjusting entry for supplies)