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27 April, 19:13

Office supplies at the beginning of 2021 total $980. On August 15, Wolverine purchases an additional $3,200 of office supplies, debiting the Supplies account. By the end of the year, $480 of office supplies remains. Record the adjusting entry for supplies at its year-end of December 31.

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  1. 27 April, 22:20
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    Closing supplies is $3,700

    Explanation:

    Given:

    Opening balance of supplies = $980

    Additional supplies purchased = $3,200

    Closing office supplies = $480

    Expenditure incurred on supplies = Opening supplies + additional supplies purchased - closing supplies

    = 980 + 3200 - 480

    = $3700

    Adjusting journal entry to record expenditure on supplies:

    31st December Supply expense A/c ... Dr $3,700

    Supplies A/c $3,700

    (To record supplies expense incurred)
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