Discuss the term closing debit balance

Reference no: EM131518904

Question: Marlow's WatersEdge Hotel operates a periodic inventory system with respect to its cleaning supplies. A year-end stock-take has identified a balance of £4,200 cleaning supplies held on 31 December 20X1. The cleaning supplies stock account, which has not been adjusted since the previous year-end stock-take, reflects a debit balance of £3,400. Throughout the year, all cleaning supplies purchased have been debited to the ‘cleaning supplies purchases' account which has a closing debit balance of £36,000. In addition, any returns to suppliers have been credited to a ‘cleaning supplies returns' account which has a year-end closing balance of £1,020.

Reference no: EM131518904

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