Western Company had $500 of store supplies available at the beginning of the current year. During the year Western Company purchased $2,750 worth of store supplies. On December 31 of this year $375 worth of store supplies remained.
a. Calculate the amount of Western Company's store supplies expense for the current year. (Show your calculations.)
b. Prepare the journal entry to adjust the supplies account.

Question

Quizplus · Accepted Answer

The Answer of Western Company had $500 of store supplies available at the beginning of the current year. During the year Western Company purchased $2,750 worth of store supplies. On December 31 of this year $375 worth of store supplies remained.
a. Calculate the amount of Western Company's store supplies expense for the current year. (Show your calculations.)
b. Prepare the journal entry to adjust the supplies account.

Western Company Had $500 of Store Supplies Available at the Beginning