Crane Advertising Company's trial balance at December 31 shows Supplies $8,000 and Supplies Expense $0. On December 31, there are $3,300 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

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Question:

Crane Advertising Company's trial balance at December 31 shows Supplies $8,000 and Supplies Expense $0. On December 31, there are $3,300 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

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Answer:Dr Advertising Supplies Expense 4,700Cr Advertising Supplies 4,700T ACCOUNTSADVERTISING SUPPLIESDR SIDE Dr 8,000 Dr 12/31 Balance 3,300CR SIDE Cr 12/31 4,700ADVERTISING SUPPLIES EXPENSEDR SIDE Dr 12/31 4,700Explanation:Preparation of the adjusting entry at December 31 December 31Dr Advertising Supplies Expense 4,700Cr Advertising Supplies 4,700(8,000-3,300)Preparation of the T ACCOUNTSADVERTISING SUPPLIESDR SIDE Dr 8,000 Dr 12/31 Balance 3,300CR SIDE Cr 12/31 4,700ADVERTISING SUPPLIES EXPENSEDR SIDE Dr 12/31 4,700

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