Explore BrainMass

Explore BrainMass

    Financial Accounting :Adjusted balance

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Gleason Advertising Company's trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $1,700 of supplies on hand. Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

    © BrainMass Inc. brainmass.com June 3, 2020, 7:11 pm ad1c9bdddf

    Solution Preview

    Journal entry
    Date Particulars Debit Credit
    31Dec Advertising Supplies Expense 5000
    Advertising Supplies 5000

    Advertising Supplies Expense
    Date Particulars Amount Date Particulars Amount

    Solution Summary

    The solution shows T accounts, the adjusting entries, and indicate the adjusted balance in each account.