Question 1 Windsor Advertising Company\'s trial balance at December 31 shows Adv

Question

Question 1 Windsor Advertising Company's trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $2,700 of supplies on hand. Prepare the adjusting entry at December 31. Date Account/Description Debit Credit Dec. 31 Advertising supplies supplies Using T accounts, enter the balances in the ac ? entry?as nectehsesardyju, sting and indicate the adjusted balance in each account. (If there is no transaction, enter 0 for the amount.) Advertising Supplies 12/31 12/31 12/31 Bal. 12/31 Bal. Advertising Supplies Expense 12/31 12/31

Explanation / Answer

DEBIT CREDIT 31DEC SUPLIES EXPENSE (+E) 4000 SUPPLIES(-A) 4000 Supplies a/c CREDIT 31 DEC TO BALACNE b/d 6700 31 DEC by supplies expense --------4000 2700 6700 6700 1 janTO BALACNE b/d 2700 31 DEC TO BALACNE b/d 4000 31 DEC Balance c/d 4000 4000 4000

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