On April 1,Balsa Company Purchased $800 of Office Supplies $$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

question 101

Essay

On April 1,Balsa Company purchased $800 of office supplies.At the end of April,they took a count of the remaining supplies and found that there were $150 of supplies left.Please provide the adjusting entry needed at the end of April.
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

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Definitions:

Pension Plan

An arrangement for retirement that mandates contributions by an employer to a reserved fund aimed at providing for an employee's needs in the future.

Sales

The exchange of goods or services for money, constituting the primary revenue source for most businesses.

Payroll Tax Expense

Taxes that are incurred by employers or employees based on salaries and wages, often covering Social Security and Medicare taxes.

Social Security Rate

The percentage of income that employees and employers are required to contribute to a country's social security programs.