Question

Lahey Advertising Company’s trial balance at December 31 shows Supplies $8,800 and Supplies Expense $0. On December 31, there are $1,100 of supplies on hand.

Required:
Prepare the adjusting entry at December 31.

Answer 1

Answer: See attachment

Explanation:

The adjusting entries for Lahey Advertising Company has been solved and attached. It should be noted that the supplies expenses was calculated as:

= $8800 - $1100

= $7700

Kindly check the attachment for further analysis.