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ASSETS Current Assets: Cash Accounts Receivable Supplies Inventory Total Current Assets Long-Term Assets: Furniture & Fixtures 30 31 31 31 31 31 31 31 137,000 Total Long-Term Assets $137,000 Total Assets $181,830 Like 2 Learn Company Balance Sheet At July 31, 2005 $ 5,200 12,800 330 Inventory 31 Wages Expense Wages Payable 31 Cash Sales 31 Accounts Receivable Sales 31 Cost of Goods Sold 31 Utilities Expense 31 Insurance Expense 31 Supplies Expense 26.500 $ 44,830 Inventory Utilities Payable Prepaid Insurance Supplies 1,000 1,250 1,250 1,250 Cost of inventory sold Accrued salaries for 4 days (August 28-31) Sold inventory for cash Sold inventory on account Cost of inventory sold Received utility bill that will be paid in September One month of insurance has expired The supplies cabinet was inventoried and $130 of supplies remained. 400 200 LIABILITIES 450 Current Liabilities: Accounts Payable Wages Payable Total Current Liabilities Long-Term Liabilities: Notes Payable (Long-Term) Total Long-Term Liabilities Total Liabilities STOCKHOLDERS' Contributed Capital $ 50,000 Retained Earnings 22,030 Total Stockholders' Equity $72,030 Total Liabilities & 375 Stockholders' Equity $181,830 1,000 1,250 1,250 1,250 400 S 9,600 200 $ 9,800 200 100,000 $100,000 $109,800 450 EQUITY 375 1,250 1,250 1,250 400

ASSETS Current Assets: Cash Accounts Receivable Supplies Inventory Total Current Assets Long-Term Assets: Furniture & Fixtures 30 31 31 31 31 31 31 31 137,000 Total Long-Term Assets $137,000 Total Assets $181,830 Like 2 Learn Company Balance Sheet At July 31, 2005 $ 5,200 12,800 330 Inventory 31 Wages Expense Wages Payable 31 Cash Sales 31 Accounts Receivable Sales 31 Cost of Goods Sold 31 Utilities Expense 31 Insurance Expense 31 Supplies Expense 26.500 $ 44,830 Inventory Utilities Payable Prepaid Insurance Supplies 1,000 1,250 1,250 1,250 Cost of inventory sold Accrued salaries for 4 days (August 28-31) Sold inventory for cash Sold inventory on account Cost of inventory sold Received utility bill that will be paid in September One month of insurance has expired The supplies cabinet was inventoried and $130 of supplies remained. 400 200 LIABILITIES 450 Current Liabilities: Accounts Payable Wages Payable Total Current Liabilities Long-Term Liabilities: Notes Payable (Long-Term) Total Long-Term Liabilities Total Liabilities STOCKHOLDERS' Contributed Capital $ 50,000 Retained Earnings 22,030 Total Stockholders' Equity $72,030 Total Liabilities & 375 Stockholders' Equity $181,830 1,000 1,250 1,250 1,250 400 S 9,600 200 $ 9,800 200 100,000 $100,000 $109,800 450 EQUITY 375 1,250 1,250 1,250 400

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 4C
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Can someone please explain how on 8/31 the journal entry Supplies Expense is found to be $450? That is all I need help calculating.

ASSETS Current Assets: Cash Accounts Receivable Supplies Inventory Total Current Assets Long-Term Assets: Furniture & Fixtures Total Long-Term Assets Total Assets 30 31 31 31 Comprehensive Practice Problem 31 31 31 31 Inventory 31 Wages Expense Wages Payable 31 Cash Sales 31 Accounts Receivable Sales 31 Cost of Goods Sold 31 Utilities Expense 31 Insurance Expense 31 Supplies Expense Like 2 Learn Company Balance Sheet At July 31, 2005 $ 5,200 12,800 330 Inventory 26.500 $ 44,830 137,000 $137,000 $181,830 Utilities Payable Prepaid Insurance Supplies 1,000 Cost of inventory sold Accrued salaries for 4 days (August 28-31) Sold inventory for cash Sold inventory on account 1,250 1,250 Cost of inventory sold Received utility bill that will be paid in September One month of insurance has expired The supplies cabinet was inventoried and $130 of supplies remained. 1,250 400 LIABILITIES 200 Current Liabilities: Accounts Payable Wages Payable Total Current Liabilities Long-Term Liabilities: 450 Notes Payable (Long-Term) 100,000 Total Long-Term Liabilities $100,000 Total Liabilities $109,800 STOCKHOLDERS' Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity $181,830 375 1,000 1,250 1,250 1,250 400 $ 9,600 200 $ 9,800 200 450 EQUITY $ 50,000 22,030 $72,030 375 1,250 1,250 1,250 400
Transcribed Image Text:ASSETS Current Assets: Cash Accounts Receivable Supplies Inventory Total Current Assets Long-Term Assets: Furniture & Fixtures Total Long-Term Assets Total Assets 30 31 31 31 Comprehensive Practice Problem 31 31 31 31 Inventory 31 Wages Expense Wages Payable 31 Cash Sales 31 Accounts Receivable Sales 31 Cost of Goods Sold 31 Utilities Expense 31 Insurance Expense 31 Supplies Expense Like 2 Learn Company Balance Sheet At July 31, 2005 $ 5,200 12,800 330 Inventory 26.500 $ 44,830 137,000 $137,000 $181,830 Utilities Payable Prepaid Insurance Supplies 1,000 Cost of inventory sold Accrued salaries for 4 days (August 28-31) Sold inventory for cash Sold inventory on account 1,250 1,250 Cost of inventory sold Received utility bill that will be paid in September One month of insurance has expired The supplies cabinet was inventoried and $130 of supplies remained. 1,250 400 LIABILITIES 200 Current Liabilities: Accounts Payable Wages Payable Total Current Liabilities Long-Term Liabilities: 450 Notes Payable (Long-Term) 100,000 Total Long-Term Liabilities $100,000 Total Liabilities $109,800 STOCKHOLDERS' Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity $181,830 375 1,000 1,250 1,250 1,250 400 $ 9,600 200 $ 9,800 200 450 EQUITY $ 50,000 22,030 $72,030 375 1,250 1,250 1,250 400
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