Missing Amounts
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(I am still unlcear on how to input data in the ledger- please help)
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Each of the following columns represents a Supplies account:
(see data attached)
1. Determine the amounts indicated by the question marks
2. Make the adjusting entry for column a, assuming supplies purchased are debited to an asset account.
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Each of the following columns represents a Supplies account:
a b c d
Supplies on hand, October 1 $396 $651 $294 ?
Supplies purchased during the month 78 ? 261 2,892
Supplies consumed during the month 291 1,458 ? 2,448
Supplies on hand, October 31 ? 654 84 1,782
1. Determine the amounts indicated by the question marks
2. Make the adjusting entry for column a, assuming supplies purchased are debited to an asset account.
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Solution Summary
The solution explains how to calculate the missing amounts
Solution Preview
First let us understand how the relationship between the various entries. We have an opening balance which is the supplies on hand. Then you purchase some more supplies, so the total supplies with you will be the opening balance plus the purchases. From this you consume some supplies and the ...
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