Identify the Type of Adjustment Necessary (The Type of Item

question 86

Essay

Identify the type of adjustment necessary (the type of item involved) and record the transaction for the event.Make sure to include the ending balances after adjustment.
Assume that on June 1, 2016, Tasty Sausage Corp.has a balance of $100 for supplies.On June 6 it purchased $600 in supplies for cash.On June 30, at the end of the accounting period, there are $300 of supplies on hand.The June 30
adjustment is: $$\begin{array} { | l | c | c | c | c | c | c | } \hline &{ \text { Assets = } } &&& { \text { Liabilities + Stockholders' Equity } } \\\hline & \text { Cash } & \text { Supplies } & \begin{array} { c } \text { Office } \\\text { Equipment }\end{array} & \begin{array} { c } \text { Accounts } \\\text { Payable }\end{array} & \begin{array} { c } \text { Common } \\\text { Stock }\end{array} & \begin{array} { c } \text { Retained } \\\text { Earnings }\end{array} \\\hline \text { Beg. Bal. } & - 100 & 100 & & & & \\\hline \begin{array} { l } \text { Supplies } \\\text { purchased }\end{array} & - 600 & 600 & & & & \\\hline \text { End. Bal. } & - 700 & 700 & & & & \\\hline\end{array}$$ ​

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Definitions:

Histograms

Graphical representations of the distribution of numerical data, where the data is grouped into bins or intervals.

Graphical Techniques

The use of plots, charts, and graphs to visualize, interpret, and analyze data.

Distribution

In statistics, it refers to the way in which values of a variable or a set of variables are spread or dispersed across a range of values.

Magnitude

A quantitative measure of size or extent, often used in context to describe the importance or severity of a variable or event.