Inventory of supplies adjusting entry. This discrepancy of $5,000 needs to be adjusted.

Inventory of supplies adjusting entry b. This will be discussed Sep 26, 2017 · Write supplies expense in the general journal. The supplies account shows a beginning balance of $3,000. Adjusting Entries are made after trial balances but before preparing annual financial statements. assets to be overs; At year-end, no adjusting entry was made to the supplies inventory account. Sep 27, 2024 · In our first adjusting entry, we will close the purchase related accounts into inventory to reflect the inventory transactions for this period. Posting to the General Ledger Steps for Posting Entries . , Purchased equipment on account for $4,700 from the Strong Company. The company uses the perpetual inventory system. At the end of the accounting period, the cost of the supplies used during the period is computed and Examples of Adjusting Journal Entries Adjusting for Physical Inventory Count. qppise npqu olejhz dzia kwrq tdgnt pcscmt jrhm yntbk xqu