Ch. 4 Handout - CHAPTER 4 HOMEWORK HANDOUT a The Supplies...

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CHAPTER 4 - HOMEWORK HANDOUT a. The Supplies account began the year with a balance of $190. During the year, supplies in the amount of $490 were purchased. (Assume the appropriate journal entry was recorded on the date of this purchase.) Now it’s the end of the year (December 31st), and the amount of supplies on hand was $220. Make the year-end journal entry to record the adjustment for Supplies Expense for the year. How much Supplies Expense would be reported on the Income Statement for the year? What is the balance that would be reported on the Balance Sheet for Supplies? b. The Prepaid Insurance account began the year with a balance of $230, and during the year, insurance in the amount of $570 was purchased. (Assume the appropriate journal entry was recorded on the date of this purchase.) If the portion of the insurance coverage that expired (i.e. was used) during the year was $450, make the year-end journal entry to record the adjustment for insurance expense for the year. How much Insurance Expense would be reported on the Income Statement for the year?
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