WebQuestion. Transcribed Image Text: Prior to recording adjusting entries, the Office Supplies account had a $365 debit balance. A physical count of the supplies showed $108 of unused supplies available. The required adjusting entry is: Multiple Choice Debit Office Supplies $257 and credit Office Supplies Expense $257. WebAnswer (1 of 2): If this is an honest accounting question, Office Equipment would be a Fixed Asset account, and would then carry a normal Debit balance. There should also be two …
Perfect Unused Supplies In Balance Sheet Fund Flow Statement …
WebPrior to recording adjusting entries, the Office Supplies account had a $392 debit balance. A physical count of the supplies showed $96 of unused supplies available. The required adjusting entry is: Multiple Choice Debit Office Supplies $96 and credit Supplies Expense $296. Debit Office Supplies Expense $296 and credit Office Supplies $296. WebAug 6, 2024 · Debits represent money that is paid out of an account and credits represent money that is paid into an account. Each financial transaction made by a business firm must have at least one debit and credit recorded to the business's accounting ledger in equal, but opposite, amounts. Bookkeepers and accountants use debits and credits to balance ... fastener head painting
3.10: Exercises - Business LibreTexts
WebMar 9, 2024 · For example, if you used $220 in supplies, debit the supplies expense for $220 and credit supplies for an equal amount. General Ledger Posts Post the entry to your general ledger and verify the ... WebSep 22, 2024 · The adjusting entry is to debit "supplies expense" for $1,000 and credit "supplies" for $1,000. The ending balance in the supplies account should be $4,000 . … WebMay 24, 2024 · EXERCISE 3–10 (LO1,2,3) Adjusting Entries. Below is a trial balance for Quertin Quick Fix Ltd. at October 31, 2016 with three sets of debit/credit columns. The … freight yards near me