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Myron is a barber who does his own accounting for his shop. When he buys supplies he routinely debits Supplies Expense. Myron purchased $1,500 of supplies in January and his inventory at the end of January shows $400 of supplies remaining. What adjusting entry should Myron make on January 31?
Shut Down
A short-term decision by a firm to cease operations because current operation is not covering variable costs.
Firm
An organization that produces goods or provides services, usually with the aim of making a profit.
Economic Profit
The difference between the total revenue generated by a business and the total costs, including both explicit and implicit costs.
Minimum Return
The lowest expected or required return on an investment over a specified period.
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