Kendall Enterprises has collected the following data for the year end December 3

Question

Kendall Enterprises has collected the following data for the year end December 31, 2017. Using the data prepare the required adjusting entries: The beginning balance of Office Supplies was $ 25,500. During the year Kendall purchased office supplies for $45,000. At December 31 the office supplies on hand totaled $ 31,000. Each Friday Rose pays for the current week's work. The amount of each weekly payroll is $40,000 for a five day work week (Monday to Friday). This year December 31 falls on a Wednesday a. b.

Explanation / Answer

a) The adjusting entry is for the amount used (Beginning balance $25,500 + amount purchased $45,000 - Closing Bal. $31,000) $39,500.00 Office Supplies expensed $39,500.00 Journal Entry Debit Credit Office Supplies expense $39,500.00               Office Supplies $39,500.00 b) Salaries Expenses $24,000.00                 Salaries Payable $24,000.00 ($40,000/5) x 3 days

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