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On January 1, Great Designs Company had a debit balance of $1,700 in the office supplies account. During the month, Great Designs purchased $1,000 of office supplies and journalized them to the asset account upon purchasing. On January 31, an inspection of the office supplies cabinet shows that only $600 of office supplies remains.

Required:
Prepare the January 31 adjusting entry for office supplies.

Respuesta :

ayokenny2001

Answer:

See below

Explanation:

On Jan 1st

Office supplies balance $1,700

Purchases = $1,000

Balance in office supplies account = $1,700 + $1,000 = $2,700

Amount to be written off of office supplies = $2,700 - $600 = $2,100

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