I C Journal Entries - Harry\'s Hair Salon Harry\'s Hair Salon, (HHS) the same ch
ID: 2519497 • Letter: I
Question
I C Journal Entries - Harry's Hair Salon Harry's Hair Salon, (HHS) the same chaliong with their related adjusting journal entries (AJE) below for Harry's Hair Salon. Harry uses Q15 Complete Transaction Journal Entry TIE) #1in the space provided below for HHS Salon, e chart of Accounts as that for Bushra's listed in the previous problem. Harry's year end is December Complete Adjusting Journal Entry (AE) #1 in the space provided below for HHS. Inc. (HHS) opened for business on January 1 of this year. Prepare the selected transact Q16 Harry's Hair Salon, Inc. GENERAL JOURNAL Date TJE #1 Hair product supplies are purchased for $1,000 cash for the year Jan 1 Accounts Debit Credit AJE #1 At year end on December 31 only S400 of hair product remains in the supply closet. Prepare the year-end adjusting journal entry Dec 31 At year-end, as a result of TE #1 and AJE #1 Harry's Hair Salon will report: 017 On the income statement Account Title 018 On the balance sheetSupply Inventory ofExplanation / Answer
Journal entry :
On the income statement supplies expense $600
On the balance sheet supplies inventory of $400
Date accounts & explanation debit credit Jan 1 Supplies 1000 Cash 1000 (To record supplies purchased) Dec 31 Supplies expense 600 Supplies 600 (To record adjusting entry)Related Questions
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