The trial balance for Swifty Corporation appears as follows: Swifty Corporation

Trial Balance

December 31, 2017

Cash $250

Accounts Receivable 428

Prepaid Insurance 67

Supplies 148

Equipment 3280

Accumulated Depreciation, Equipment $490

Accounts Payable 315

Common Stock 980

Retained Earnings 1150

Service Revenue 2468

Salaries and Wages Expense 820

Rent Expense 410 0

$5403 $5403

If, on December 31, 2017, supplies on hand were $33, the adjusting entry would contain a:

Question

Kash

Business

9 August, 03:23

The trial balance for Swifty Corporation appears as follows: Swifty Corporation

Trial Balance

December 31, 2017

Cash $250

Accounts Receivable 428

Prepaid Insurance 67

Supplies 148

Equipment 3280

Accumulated Depreciation, Equipment $490

Accounts Payable 315

Common Stock 980

Retained Earnings 1150

Service Revenue 2468

Salaries and Wages Expense 820

Rent Expense 410 0

$5403 $5403

If, on December 31, 2017, supplies on hand were $33, the adjusting entry would contain a:

+2

Answers (1)

Know the Answer?

Chapman · Answer 1

The adjusting entry for supplies is shown below:

Supplies expense A/c Dr $115

To supplies A/c $115

(Being adjusted entry recorded)

The trial balance show a supplies balance of $148 and the supplies on hand were $33, so the adjusted supply balance would be equal to

= Supplies balance - supplies on hand

= $148 - $33

= $115