Can someone help me with this two adjusting journal entries Please!! Please show

Question

Can someone help me with this two adjusting journal entries Please!! Please show steps!

initial operating supplies= 8832

initial inventory-finished goods=281298

initial inventory-trading goods=66474

Intial inventory-raw material=52000,

Summary of Transaction during the month of january

1. As a control measure, physical inventories are taken on a periodic basis alternating between the raw materials inventory, finished goods inventory and trading goods inventory. Physical inventory of the finished goods inventory was taken at the end of January. It was determined that the value of the finished goods merchandise on hand was $1,200.

2. GBI counted the office (operating) supplies on hand after the close of business on the last day of the month and determined the cost of the unused office supplies to be $1000.

Bank Account 162825 270083 Accounts Receivable (Direct Posting Account) 588463 167700 Inventory-Operating Supplies 380 Inventory-Raw Materials (Direct Post) 116500 Inventory-Finished Goods (Direct Post) 295000 Inventory-Trading Goods (Direct Post) 60600 65000 Prepaid Advertising 9000 1200 Prepaid Rent 4000 Deposits on Purchases 2000 2000 Accounts Payable (Direct Posting Account) 157070 177980 Payables-Salaries and Wages 94313 Accrued Expenses 2200 Accrued Tax – Output 4000 Accrued Tax- Input 213 Sales Revenue 588250 Sales Discount 675 Bad Debt Expense 4200 Advertising Expense 1200 Cost of Goods Sold 360000

Explanation / Answer

No. Account Titles and Explanation Debit Credit 1 Inventory - Finished Goods 1200 Cost of goods sold 1200 (To record ending finished goods inventory) 2 Operating supplies expense ($8832 + $380 - $1000) 8212 Inventory - Operating Supplies 8212 (To record operating supplies used)

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