Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,400. On December 31, a physical count revealed that the remaining supplies totaled $2,100. There was no beginning of the year balance in the Supplies account. Based on the information provided: A. Create journal entries for the original transaction. If an amount box does not require an entry, leave it blank. Cash Common Stock В. al entries for the December 31 adjustment Notes Payable ne Supplies g the balances to correct. If an amount box do Supplies Expense e an entry, leave it blank. C. Show the activity, with ending balance. If an amount box does not require an entry, leave it blank. Supplies Beginning Balance $ Purchased Subtotal $ Used Remaining 2$

Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,400. On December 31, a physical count revealed that the remaining supplies totaled $2,100. There was no beginning of the year balance in the Supplies account. Based on the information provided: A. Create journal entries for the original transaction. If an amount box does not require an entry, leave it blank. Cash Common Stock В. al entries for the December 31 adjustment Notes Payable ne Supplies g the balances to correct. If an amount box do Supplies Expense e an entry, leave it blank. C. Show the activity, with ending balance. If an amount box does not require an entry, leave it blank. Supplies Beginning Balance $ Purchased Subtotal $ Used Remaining 2$

Name: Supplies were purchased on January 1, to be used throughout the year,
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Description: Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,400. On December 31, a physical count revealed that the remaining supplies totaled $2,100. There was no beginning of the year balance in the Supplies account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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