Solution-What was the balance in supplies

What was the balance in supplies

Reference no: EM131633059

Question - This is a partial adjusted trial balance of Darcy Designs Pty Ltd.

Darcy Designs Pty Ltd Adjusted trial balance (partial) as at 31 July 2016
No.	Account name	Debit	Credit
110	Supplies	$1,500
112	Prepaid Insurance	2,310
212	Salaries Payable		$1,440
213	Service Revenue Received in Advance		1,130
400	Service Revenue		3,210
500	Salaries Expense	7,070
505	Supplies Expense	1,300
515	Insurance Expense	770

Answer the following questions, assuming the year begins on 1 July. (Hint: Reconstruct the T accounts to help answer these questions.)

If the amount in supplies expense is the 31 July adjusting entry, and $1,320 of supplies was purchased in July, what was the balance in supplies on 1 July?

Reference no: EM131633059

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What was the balance in supplies

Reference no: EM131633059

Reference no: EM131633059

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