What is the adjusting entry for your company's purchase of $40,000 of office supplies with $6,000 of unused supplies left at year-end?

The adjusting entry for the purchase of $40,000 of office supplies and $6,000 of unused supplies at year-end would be as follows:

Adjusting Entry for Office Supplies Purchase

04 Jan 2023

Explanation:

Debit: Supplies On Hand $40,000

Credit: Office Supplies Expense $34,000

Credit: Supplies On Hand $6,000

This entry debits the asset account Supplies On Hand for the total cost of the supplies initially purchased, and credits the expense account Office Supplies Expense for the amount of supplies used during the year. The remaining supplies, valued at $6,000, are credited to the asset account Supplies On Hand.

← Reflections on selfies through the eyes of vincent van gogh Which career path is best for nami based on her skills →

› Calculating Required Return using Gordon Growth Model
› Biological Hazards in the Workplace
› T/F: Increase in the Price of Foreign-made Athletic Apparel Will Affect U.S. Consumer Price Index and GDP Deflator
› How to Use Indefinite Articles in French?
› What are the benefits of green tea?
› What You Need to Know About the Solar System
› The Importance of Protein Intake in Stage 4 Chronic Kidney Disease
› Calculating Dosage of Cisplatin for Chemotherapy Patient
› Audit Time Analysis for Wyche Accounting Firm
› Preventing Environmental Pollution: A Guide for Businesses
› Important Information About Spill Cleanup

Explanation:

More Posts: