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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.
Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $880.
Answer:
General Journal | Debit | Credit |
Supplies expense ($4,850 - $880) | 3,970 | |
Supplies | 3,970 | |
(To record adjusting entry for supplies) |