80.2K

Verified Solution

Link Copied!

On November 1, Carley Equipment had a beginning balance in the Office Supplies account of $900. During the month, Carley purchased $1,500 of office supplies. At November 30, Carley Equipment had $700 of office supplies on hand. Requirements 1) Record the adjusting entry required at November 30. 2) The Office Supplies T-account has been opened for you. Enter the beginning balance and purchase of office supplies. Post the adjusting entry to the two accounts involved, and show their balances at November 30. Requirement 1) Record the adjusting entry required at November 30. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Nov. 30 Requirement 2. The Office Supplies T-account has been opened for you. Enter the beginning balance and purchase of office supplies. Post the adjusting entry to the two accounts involved, and show their balances at November 30. Use "Nov. 1" as a posting reference to enter the beginning balance of the Office Supplies account, and use "Nov. purchases" as a posting reference to post the purchase of office supplies during the month. Select the account name of the other account affected by the Office Supplies adjustment. Post the adjustment to the two accounts using a "Nov. 30" posting reference, and then calculate and enter the ending balance of the accounts using a "Bal." posting reference. Office Supplies

Answer & Explanation Solved by verified expert

See Answer