What is the adjusting general entry

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Reference no: EM133379919

Question:

A physical inventory showed that only $358.00 worth of general office supplies remained on hand as of June 30. This did not include any of the Super RoutePro. There were 5 units of Super RoutePro on hand. We use FIFO to determine the valuation of the supplies.

What is the adjusting general entry?

Reference:

June 10: Purchased office supplies for $1,700.00 from Staples on account. The invoice number was 61298. Included in the purchase was 10 units of Super RoutePro at a cost of $40.00 each.

June 23: Purchased office supplies for $850.00 from Staples on account. The invoice number was 65498. Included in the purchase was 10 units of Super RoutePro at a cost of $42.00 each.

Reference no: EM133379919

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