Riverboat Company had $4,800 of supplies on hand on January 1. During the year, the company purchased $7,800 of supplies, and on December 31, determined that only $1,600 of supplies were still on hand.
The adjusting entry for Riverboat Company on December 31, will include:

Question

Quizplus · Accepted Answer

Beginning supplies + Purchases - Supplies used = Ending supplies
$4,800 + $7,800 - X = $1,600
X = $4,800 + $7,800 - $1,600 = $11,000 = Supplies used
Required entry:
Supplies expense $11,000
$\quad $ $\quad $ $\quad $ $\quad $ Supplies $11,000

Riverboat Company Had $4,800 of Supplies on Hand on January