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November 1, Canadian Enterprises had a beginning balance in the Office Supplies account of $1,300.
During the month, Canadian Enterprises purchased office supplies for $1,630.
November 30, Canadian Enterprises had office supplies of $1,850 on hand.
A. Open the Office Supplies T account, and enter the beginning balance and purchase of office supplies and the end total of the beginning balance.
Debit | Credit |
---|---|
Double line | Double line |
B. Record the adjusting entry required at November 30.
Date | Description | Debit | Credit |
---|---|---|---|
November 30 | |||
November 30 |
C. Post the adjusting entry to the two accounts involved, and show their balances at November 30.
Debit | Credit |
---|---|
Double line | Double line |
Debit | Credit |
---|---|
Double line | Double line |
Debit | Credit |
---|---|
1,300 | |
1,630 | |
Double line2,930 | Double line |
Date | Description | Debit | Credit |
---|---|---|---|
November 30 | Supplies Expense | 1,080 | |
November 30 | Office Supplies | 1,080 |
Debit | Credit |
---|---|
1,300 | 1,080 |
1,630 | |
Double line1,850 | Double line |
Debit | Credit |
---|---|
1,080 | |
Double line1,080 | Double line |
Fly Away Travel borrowed $25,200 on August 1, 2019, by signing a one-year note payable to Region One Bank.
Fly Away Travel's interest expense on the note payable for the remainder of the fiscal year (August through October) is $519.
A. Record the adjusting entry to accrue interest expense at October 31, 2019.
Date | Description | Debit | Credit |
---|---|---|---|
October 31 | |||
October 31 |
B. Post the adjusting entry to the T accounts of the two accounts affected by the adjustment.
Debit | Credit |
---|---|
Double line | Double line |
Debit | Credit |
---|---|
Double line | Double line |
Date | Description | Debit | Credit |
---|---|---|---|
October 31 | Interest Expense | 519 | |
October 31 | Interest Payable | 519 |
Debit | Credit |
---|---|
519 | |
Double line | Double line519 |
Debit | Credit |
---|---|
519 | |
Double line519 | Double line |