The required adjusting entry is $254
What is adjusting entries?
- Transactions that have already happened but haven't been properly documented in accordance with the accrual method of accounting are recorded using adjusting journal entries.
- At the conclusion of an accounting period, adjusting journal entries are written in a company's general ledger to comply with the matching and revenue recognition standards.
- Accruals, deferrals, and estimations are the three most typical types of adjusting journal entries.
- When one accounting period ends and another begins, it is used for accrual accounting.
- A cash accounting company does not require altering journal entries.
Calculation
The unadjusted ending supply balance is $359
Actual supplies' remaining physical ending balance is $105
This suggests that during that time ($359 – $105), goods worth $254 were utilized.
Hence, The required adjusting entry is $254
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