hapter 4 Homework Assignment A Help Save & Exit Saved At December 31, the unadju

Question

hapter 4 Homework Assignment A Help Save & Exit Saved At December 31, the unadjusted trial balance of H&R Tacks reports Supplies of $8,500 and Supplies Expense of $0. On December 31, supplies costing $7.450 are on hand. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare the adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry on December 31. Note: Enter debits before credits

Explanation / Answer

Adjusting entry ;

T account :

Date account and explanation debit credit Supplies expense (8500-7450) 1050 Supplies 1050 (To record supplies adjusted)

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