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Home Q & A Board Other Fields Homework Help Business Accounting
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harra harra
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6 years ago
At the end of 2014, Sam Lim had catering supplies on hand in the amount of $9,000. During 2015, the business paid $89,000 for additional catering supplies. At year end, the company's catering supplies on hand totalled $5,000.

Required:
1) The 2015 year-end adjusting journal entry if Sam Lim records cash paid for supplies as an expense.

Date   Accounts   Debit   Credit
         
         
         
         
         

2) The 2015 year-end adjusting journal entry if Sam Lim records cash paid for supplies as an asset.

Date   Accounts   Debit   Credit
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
Authors:
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HanoiHanoi
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#1
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6 years ago
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harra Author
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6 years ago
Smart ... Thanks!
shelbycox
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Yesterday
Thanks
deathwing
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2 hours ago
Good timing, thanks!
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