Unformatted text preview: (2) The company started 20X3 with $20,000 in supplies (this was previously recorded, and you do not need to make an entry for the beginning balance), purchased $30,000 in supplies during the year, and found only $13,000 in supplies on hand at the end of 20X3. (3) The company paid $2,500 to rent a truck. The rental period began on December 16, 20X3, and ends on February 14, 20X4....
View Full Document
- Spring '11
- Accounting, balance sheet approach, $2,500, initial recording, end-of-20X3 adjusting entry