Juno Company had $500 of office supplies available at the beginning of the current year.During the year Juno Company purchased $2,750 worth of office supplies.On December 31 of this year $375 worth of office supplies remained.
a.Calculate the amount of Juno Company's office supplies expense for the current year.(Show your calculations. )
b.Prepare the journal entry to adjust the supplies account.

Question

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The Answer of Juno Company had $500 of office supplies available at the beginning of the current year.During the year Juno Company purchased $2,750 worth of office supplies.On December 31 of this year $375 worth of office supplies remained.
a.Calculate the amount of Juno Company's office supplies expense for the current year.(Show your calculations. )
b.Prepare the journal entry to adjust the supplies account.

Juno Company Had $500 of Office Supplies Available at the Beginning