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26 August, 11:35

During their first year, Austin and Associates bought $32,000 worth of supplies for their CPA firm. When purchased, the supplies were debited to Supplies and credited to Accounts Payable. What adjusting entry would Austin and Associates make if $8,000 worth of supplies were on hand at year-end?

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  1. 26 August, 12:24
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    Supplies Expense = $24,000

    Supplies = $24,000

    Explanation:

    given data

    bought for CPA firm = $32,000

    supplies on hand = $8,000

    solution

    we know here that when $8000 supplies available out of $32,000

    so supplier during period will be = $32,000 - $8000

    supplies expense = $24000

    and that is express as

    Accounts title Debit Credit

    Supplies expense $24,000

    Supplies $24,000
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