Financial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134833156
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 3.31BE
LO 2, 3
(Learning Objectives 2, 3: Apply the revenue and expense recognition principles; adjust the accounts) Englewood Corporation experienced four situations for its supplies. Calculate the amounts that have been left blank for each situation. For situations 1 and 2, journalize the needed transaction. Consider each situation separately.
Situation | 1 | 2 | 3 | 4 |
Beginning supplies............................ | $1,500 | $ 700 | $ 700 | $ 1,000 |
Purchases of supplies during the year ……. | ? | 400 | ? | 800 |
Total amount to account for................. | 2,900 | ? | ? | 1,800 |
Ending supplies.................... | (990) | (900) | (700) | ? |
Supplies Expense……........... | $1,910 | $ ? | $ 1,300 | $1,600 |
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Chapter 3 Solutions
Financial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
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