meen county paid $60,000 for office supplies and debited office supplies (supplies inventory) for the full amount. the amount of supplies at the end of the accounting period is $12,000. the adjusting journal entry for the preparation of the government-wide financial statements is
The required adjustment entry is Debit Office Supplies Expense $254 and Credit Office Supplies $254.
What exactly is an adjusting journal entry?
Prior to recording adjustment entries, the office supplies account had a $378 debit balance.A physical inventory revealed $115 in unused materials.The required adjustment entry is Debit Office Supplies Expense $254 and Credit Office Supplies $254.
A checking account with a debit balance has a negative cash balance.Such an account is referred to as being overdrawn, and it is therefore not authorized to have a negative balance; instead, the bank simply refuses to recognize any checks made against the account that would do so.
An account with a debit balance has positive values for assets and costs deducted and negative balances credited.For example, when cash is increasing, a journal entry upon .
