daisy florist has a beginning balance in supplies of 5 400 on may 31 daisy florist t 491899

Daisy Florist

Chart of Accounts:

Daisy Florist has a beginning balance in Supplies of $5,400. On May 31 Daisy Florist took a physical count of supplies on hand. Daisy Florist made an adjusting entry for $2,300 for supplies used during the month.

Instructions:

(a) Journalize the adjusting entry on May 31 on the tab labeled General Journal

(b) Post the adjusting entry to the ledger accounts on the tab labeled Ledger Accounts. (Be sure to calculate the balance in the account after each posted transaction).

(c) Journalize the closing entry for Supplies Expense on May 31 on the tab labeled General Journal

(d) Post the closing entry to the ledger accounts on the tab labeled Ledger Accounts. (Be sure to calculate the balance in the account after each posted transaction)

(e) Journalize the reversing entry on June 1 on the tab labeled General Journal

(f) Post the reversing entry to the ledger accounts on the tab labeled Ledger Accounts (Be sure to calculate the balance in the account after each posted transaction)

(g) Indicate if the balance of Supplies and Supplies Expense is a debit or a credit balance