Rowing Company had $14,400 of supplies on hand on January 1. During the year, the company purchased $23,400 of supplies, and on December 31, determined that only $4,800 of supplies were still on hand.
The adjusting entry for Rowing Company on December 31, will include:

Question

Quizplus · Accepted Answer

Beginning supplies + Purchases - Supplies used = Ending supplies
$14,400 + $23,400 - X = $4,800
X = $14,400 + $23,400 - $4,800 = $33,000 = Supplies used
Required entry:
Supplies expense $33,000
$\quad $ $\quad $ $\quad $ $\quad $ Supplies $33,000

Rowing Company Had $14,400 of Supplies on Hand on January