Respuesta :
Answer:
Supplies Expense = $24,000
Supplies = $24,000
Explanation:
given data
bought for CPA firm = $32,000
supplies on hand = $8,000
solution
we know here that when $8000 supplies available out of $32,000
so supplier during period will be = $32,000 - $8000
supplies expense = $24000
and that is express as
Accounts title Debit Credit
Supplies expense $24,000
Supplies $24,000
The adjusting entry that Austin and Associates would make is a Debit to Supplies Expense ( $24,000) and Credit to Supplies ($24,000)/
The amount of $8000 is the supplies available, out of $32,000.
Supplies expense period will be = $32,000 - $8000
supplies expense = $24000
Accounts title Debit Credit
Supplies expense $24,000
Supplies $24,000
In conclusion, the adjusting entry that Austin and Associates would make is a Debit to Supplies Expense ( $24,000) and Credit to Supplies ($24,000)/
Raed more about adjusting entry
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