Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $620 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies?

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Business

Emelia

11 December, 02:37

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $620 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies?

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Payton Walters · Answer 1

The question is incomplete; The following additional information completes the question;

Supplies 31 January $1,800

Supplies Expense 31 January $1,920

Explanation:

The opening Balance of Supplies as at January 1 was;

Supplies-Closing $1,800

Supplies Purchased ($620)

Supplies Expense out $1,920

Supplies Opening January 1 $3,100

The T account is prepared in columnar form. The opening supplies balance at January 1 was $3,100