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31 May, 06:07

If Regent Tax Services' office supplies account balance on March 1 was $1,400, the company purchased $675 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $1,250 unused, what is the amount of the adjusting entry for office supplies on March 31?

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  1. 31 May, 06:11
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    The amount of adjusting entry for the supplies on March 31 would be $825.

    Explanation:

    At the start of the month, the amount of balance in Regent tax services office supplies account is $1400, and during the month Regent tax service also purchased supplies worth of $675. At the month's end the the unused supplies were $1250, so the amount for adjusting entry can be calculated as -

    = $1400 + $675 - $1250

    = $2075 - $1250

    = $825

    Therefore the amount of adjusting entry would be $825.
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