PART C Journal Entries - Harry\'s Hair Salon on, Inc. (HHS) opened for business
ID: 2519454 • Letter: P
Question
PART C Journal Entries - Harry's Hair Salon on, Inc. (HHS) opened for business on January 1 of this year. Prepare the selected transa th their related adjusting journal entries (AJE) below for Harry's Hair Salon. Harry uses th e Chart of Accounts as that for Bushra's listed in the previous problem. Harry's year-end is December Complete Transaction Journal Entry (TJE) #1in the space provided below for HHS. Complete Adjusting Journal Entry (NE) #1 in the space provided below for HHS the same Q15 Q16 Harry's Hair Salon, Inc GENERAL JOURNAL Debit Credit Date TIE #1 Hair product supplies are purchased for $1,000 cash for the year Jan 1 Accounts Atyear end on December 31 only $400 of hair product remainsinthe supply coset. Prepare the year-end adjusting journal entry AJE #1 Dec 31 At year-end, as a result of TJE #1 and AJE #1 Harry's Hair Salon will report Account Title 017 On the income statement 018 On the balance sheet Supply Inventory ofExplanation / Answer
Journal entry :
On the income statement supplies expense $600
On the balance sheet supplies inventory of $400
Date accounts & explanation debit credit Jan 1 Supplies 1000 Cash 1000 (To record supplies purchased) Dec 31 Supplies expense 600 Supplies 600 (To record adjusting entry)Related Questions
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