Fisher Accounting's Fiscal Year Ends on July 31

question 88

Essay

Fisher Accounting's fiscal year ends on July 31.Accounts are adjusted only on the last day of the fiscal year.On July 31,before adjusting journal entries were prepared,the balance of Supplies was $1,250.A physical count revealed $800 of supplies on hand.Prepare the July 31 adjusting journal entry.Omit explanations.

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Definitions:

Equity Theory

A theory in social psychology that explains how individuals perceive the fairness of their input-output ratios in comparison to others, affecting their motivation and satisfaction.

Outcome

The result or consequence of an action, process, or situation, often used to evaluate effectiveness.

Fringe Benefits

Fringe benefits are additional compensations given to employees beyond their regular salaries or wages, such as health insurance, paid vacation, and retirement plans.

Equity Theory

A theory in social psychology that explains how perceptions of fairness influence motivation, satisfaction, and behavior in interpersonal relationships.