Fennel Flooring purchased office supplies for its showroom during the month of April for $2,600.The supplies were paid for during April.On April 1,the Supplies account had a balance of $350.On April 30,supplies on hand amounted to $200.
?
A. What is the effect on the accounting equation of the adjusting journal entry necessary at April 30? ?
B. How much will be reported on the balance sheet at April 30 for Supplies?

C. How much will be reported on the income statement for the month of April for supplies expense?

D. If the adjustment in part $A$ is not recorded, by what amount will net income be overor understated at April 30?

Question

Fennel Flooring purchased office supplies for its showroom during the month of April for $2,600.The supplies were paid for during April.On April 1,the Supplies account had a balance of $350.On April 30,supplies on hand amounted to $200.
?
 A. What is the effect on the accounting equation of the adjusting journal entry necessary at April 30? ?
  B. How much will be reported on the balance sheet at April 30 for Supplies?

C. How much will be reported on the income statement for the month of April for supplies expense?

D. If the adjustment in part $A$ is not recorded, by what amount will net income be overor understated at April 30?

Quizplus · Accepted Answer

The Answer of Fennel Flooring purchased office supplies for its showroom during the month of April for $2,600.The supplies were paid for during April.On April 1,the Supplies account had a balance of $350.On April 30,supplies on hand amounted to $200.
?
 A. What is the effect on the accounting equation of the adjusting journal entry necessary at April 30? ?
  B. How much will be reported on the balance sheet at April 30 for Supplies?

C. How much will be reported on the income statement for the month of April for supplies expense?

D. If the adjustment in part $A$ is not recorded, by what amount will net income be overor understated at April 30?

Fennel Flooring Purchased Office Supplies for Its Showroom During the Month