The December 31,2014 worksheet for Fran's Fine Dining showed the following amounts related to the Supplies Expense account: (a).In the Trial Balance debit column: $745
(b))In the Adjustments debit column: $125
(c))In the Adjusted Trial Balance debit column: $870
What is the proper balance in the Supplies Expense account on January 1,2015,after all closing entries for 2014 have been posted,but before any 2015 transactions are recorded?

Question

Quizplus · Accepted Answer

The Supplies Expense account is a temporary account that is closed to zero at the end of the accounting period. Therefore, the balance on January 1, 2015, would be $0.

The December 31,2014 Worksheet for Fran's Fine Dining Showed the Following