Chattahoochee Excursions, a calendar year company, purchased supplies at a cost of $12,215 during 2019. At January 1, 2019, supplies on hand were $10,312. During the year, the company used $14,000 of supplies.
A)What adjusting entry is prepared at December 31, 2019?
B)Under the accrual basis of accounting, how much is Supplies Expense for 2019?
C)How much should be reported on the December 31, 2019, balance sheet for Supplies?
D)What type of adjustment was made in part A?
Correct Answer:
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