englewood corporation experienced four situations for its supplies. view the four situations. requirement 1…

englewood corporation experienced four situations for its supplies. view the four situations. requirement 1. calculate the amounts that have been left blank for each situation. for situations 1 and 2, journalize the necessary entries separately. calculate the amounts that have been left blank for situation 1. situation 1 beginning supplies $ 1,500 purchases of supplies during the year 1,400 total amount to account for 2,900 ending supplies (990) supplies expense $ 1,910 calculate the amounts that have been left blank for situation 2. situation 2 beginning supplies $ 700 purchases of supplies during the year 400 total amount to account for ending supplies (900) supplies expense

englewood corporation experienced four situations for its supplies. view the four situations. requirement 1. calculate the amounts that have been left blank for each situation. for situations 1 and 2, journalize the necessary entries separately. calculate the amounts that have been left blank for situation 1. situation 1 beginning supplies $ 1,500 purchases of supplies during the year 1,400 total amount to account for 2,900 ending supplies (990) supplies expense $ 1,910 calculate the amounts that have been left blank for situation 2. situation 2 beginning supplies $ 700 purchases of supplies during the year 400 total amount to account for ending supplies (900) supplies expense

Answer

Explanation:

Step1: Recall the supplies - expense formula

The formula for supplies expense is: Supplies Expense=Beginning Supplies + Purchases of Supplies - Ending Supplies, and Total amount to account for = Beginning Supplies+Purchases of Supplies.

Step2: Analyze Situation 1

We are given Beginning Supplies = $1,500, Purchases of Supplies = $1,400, Total amount to account for = $2,900 (which is correct as 1500 + 1400=2900), Ending Supplies = $990, and Supplies Expense = $1,910 (which is correct as 1500 + 1400-990 = 1910).

Step3: Analyze Situation 2

  1. Calculate the total amount to account for:
    • Using the formula Total amount to account for = Beginning Supplies+Purchases of Supplies. Given Beginning Supplies = $700 and Purchases of Supplies = $400. So, Total amount to account for = 700 + 400=$1,100.
  2. Calculate the supplies expense:
    • Using the formula Supplies Expense=Beginning Supplies + Purchases of Supplies - Ending Supplies. Given Beginning Supplies = $700, Purchases of Supplies = $400, and Ending Supplies = $900. So, Supplies Expense=700 + 400-900=$200.

Answer:

Situation 2 - Total amount to account for: $1,100 Situation 2 - Supplies Expense: $200