Question

A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,250 of supplies on hand. The general ledger balance before any adjustment is $2,100. What is the adjusting entry for office supplies that should be recorded on May 31?

Answer 1

Answer:

Dr Supplies expense $850

Cr Supplies $850

Explanation:

Preparation of the adjusting entry for office supplies that should be recorded on May 31

Based on the information given we were told that the physical count of the supplies on hand for Masters, Inc. Shows the amount of $1,250 while the general ledger balance was the amount of $2,100, this means that the adjusting entry for office supplies on May 31 will be:

Dr Supplies expense $850

Cr Supplies $850

($2,100 -$1,250)