Bridge Company Keeps a Small Inventory of Supplies Used for Cleaning

question 86

Short Answer

Bridge Company keeps a small inventory of supplies used for cleaning and maintenance purposes.On January 1,2011,the inventory of supplies on hand was $2,000.During the year,supplies purchased were debited to the supplies inventory account in the amount of $6,500.On December 31,2011,the inventory count of supplies in the storeroom was $1,750.Give the adjusting entry required at December 31,2011,assuming that no adjusting entries were made during the year.

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Definitions:

Outlier Jobs

Positions that significantly differ from other roles within an organization in terms of their job responsibilities, pay, or other factors.

Weighting The Factors

The process of assigning importance or value to different criteria or variables when making decisions or assessments.

Distributed Points

A method used for allocating resources or rewards across different options or recipients based on predefined criteria or contributions.

Job Evaluation System

A systematic process for determining the relative worth or value of a job in an organization to establish fair compensation levels.