Tag: Oriole Company’s trial balance at December 31

Oriole Company’s trial balance at December 31 shows Supplies $7,300 and Supplies Expense $0. On December 31, there are $2,500 of supplies on hand.
Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

Oriole Company’s trial balance at December 31 shows Supplies $7,300 and Supplies Expense $0. On December 31, there are $2,500 of supplies on hand.
Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.