Federer Corporation Had $12,400 of Supplies on Hand at January

Short Answer

Federer Corporation had $12,400 of supplies on hand at January 1. During the year, supplies with a cost of $24,000 were purchased. At December 31, the actual supplies on hand amount to $8,000. After the adjustments are recorded and posted at December 31, determine the balances in the Supplies and Supplies Expense accounts.