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On January 1, Great Designs Company had a debit balance of $1,985 in the office supplies account. During the month, Great Designs purchased $463 and $420 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 $518 of office supplies remains. Prepare the January 31 adjusting entry for office supplies. Jan 31

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Answer:

See explanation section.

Explanation:

January 31   Supplies expense    Debit  2,350

Office supplies                              Credit         2,350

Note: Calculation:

Beginning balance of Office Supplies + purchase -  Ending balance of office supplies = Office supplies used

$1,985 + $463 + $420 - $518 = Office supplies used

Office supplies used = 2,350

To record the adjusting entry of office supplies.

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