journal entry worksheet\n< 1 2 3 4 5 6\nthe supplies account had a $410 debit balance at the beginning of…

journal entry worksheet\n< 1 2 3 4 5 6\nthe supplies account had a $410 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. the december 31 physical count showed $484 of supplies available.\nnote: enter debits before credits.\ntransaction general journal debit credit\nc.

journal entry worksheet\n< 1 2 3 4 5 6\nthe supplies account had a $410 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. the december 31 physical count showed $484 of supplies available.\nnote: enter debits before credits.\ntransaction general journal debit credit\nc.

Answer

Explanation:

Step1: Calculate supplies used

First, find the total supplies available before the count. It is the sum of the beginning - balance and purchases. Then subtract the ending physical - count to get the supplies used. Beginning balance of supplies = $410 Purchases of supplies = $2,680 Total supplies available before count = $410 + $2,680=$3,090 Ending physical - count of supplies = $484 Supplies used = $3,090−$484 = $2,606

Step2: Record the adjusting journal entry

The supplies used is an expense (Supplies Expense), which is debited, and the Supplies account (an asset) is credited for the amount of supplies used. The journal entry is: Debit: Supplies Expense $2,606 Credit: Supplies $2,606

Answer:

Transaction General Journal Debit Credit
C. Supplies Expense $2,606
Supplies $2,606