Determine the Account and Amount to Be Debited and the Account

question 63

Essay

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.The Supplies account has a balance of $1,400.On December 31,2016,an inventory of supplies showed that items costing $500 were on hand.

---

Definitions:

Minor-Points Close

A sales technique that aims to secure agreement on minor details of the sale in order to facilitate the customer's agreement to the main purchase.

Retail Showroom

A physical space where products are displayed to the public, allowing customers to browse, see, and sometimes test products before purchasing.

New Mattress

A recently manufactured item designed to provide a comfortable surface for sleeping.

Maroon

A dark brownish-red color; often associated with richness, warmth, and intensity in color symbolism.