Exam 3: The Adjusting Process

Salaries of $6,400 are paid for a five-day week on Friday.Prepare the adjusting journal entry that is required if the month ends on Thursday.

On January 1,Great Designs Company had a debit balance of $1,450 in the office supplies account.During the month,Great Designs purchased $115 and $160 of office supplies and journalized them to the asset account upon purchasing.On January 31,an inspection of the office supplies cabinet shows that only $350 of office supplies remains.Prepare the January 31 adjusting entry for office supplies.

The supplies account had a beginning balance of $1,750.Supplies purchased during the period totaled $3,500.At the end of the period before adjustment,$350 of supplies were on hand.Prepare the adjusting entry for supplies.