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Prepare the adjusting journal entry that on-time truckers

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Reference no: EM132322116

Question

Prepare Journal entries for the following:

On-Time Truckers prepares monthly financial statements. On July 1, the Supplies account had a balance of $3,500. During July, additional supplies were purchased for $4,800 and that amount was debited to Supplies Expense.

On July 31, a physical count of supplies revealed that there was $2,200 on hand. Prepare the adjusting journal entry that On-Time Truckers should make on July 31.

Reference no: EM132322116

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