Supplies on hand at the end of 2015 totaled $2,570. Additional supplies costing

Question

Supplies on hand at the end of 2015 totaled $2,570. Additional supplies costing $5,770 were purchased during 2016 and debited to the supplies account. At the end of 2016, supplies costing $3,470 remain on hand. Prepare the necessary adjusting entries for Johnstone Controls at the end of its December 31, 2016, fiscal year-end for each of the above situations. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Supplies on hand 3t the end of 2015 totaled $2,570. Additional A supplies costing $5,770 were purchased during 2016 and debited to the supplies account. At the end of 2016, supplies costing $3,470v

Explanation / Answer

1) Cost of goods Sold debit $ 8340

Inventory credit $ 2570

Purcahse credit $ 5770

2) Inventory debit $ 3470

Cost of goods sold $ 3470

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