financial accounting

ACT 200 – U1 Spring 2020

Activity (3%)

Name ____________________________________ ID______________________

Exercise 1. Electro Company’s trial balance at December 31, 2019 shows Supplies $4,200 and Supplies expense $0. On December 31, there are $3,000 of supplies on hand. Prepare the adjusting entry at December 31 and using the T-accounts, enter the balances in the accounts, post adjusting entry, and indicate the adjusted balance in each account.

a) Preparing adjusting entries at December 31,

b) Post adjusting entries in T-accounts.