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Ace Company began the year with $15,000 of supplies on hand. During the year, Ace...

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Accounting

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Ace Company began the year with $15,000 of supplies on hand. During the year, Ace purchased an additional $60,000 of supplies, recorded as shown in the journal entry below. Imagine that you counted ending supplies inventory on hand at the end of the year. Indicate, in the appropriate boxed area, the dollar amount of ending inventory that your imaginary county revealed (any number you choose from $0 to $75,000) Next, select the correct account titles to be debited and credited from the pick list within the adjusting journal entry, and supply the correct amount for the entry. Correct debit/credit selections and will turn the journal entry cells green! 2 3 4 Debit Credit JOURNAL ENTRIES DURING THE YEAR: Date Accounts 5 Various Supplies Cash 60,000 60,000 6 To record purchase of supplies 7 8 Indicate the dollar value of supplies on hand at the end of the year: $ 9 Debit Credit 10 ADJUSTING JOURNAL ENTRY FOR SUPPLIES: 11 12 Date Accounts 13 12/31 ACCOUNT TO BE DEBITED 14 ACCOUNT TO BE CREDITED Problem O One here to search A 1 E Date Debit Credit 12/31 Accounts ACCOUNT TO BE DEBITED ACCOUNT TO BE CREDITED Adjusting entry to reflect supplies used 4 35 16 Problem Type here to search O Dll go % 5 2 4 6 W E R T T Y . S D F G . Z C V B

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