Prepare the adjusting entry at december thirty first

Assignment Help Accounting Basics

Reference no: EM131974170

Problem

Schramel Advertising Company's trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $2,100 of supplies on hand.

Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

Reference no: EM131974170

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