Another Prepaid Expense

Scenario:
At 1/01/03, Mythical had on hand by physical count shop supplies in the
amount of $700. During the year, they made several purchases that totaled
$3,000. At 12/31/03, a physical count indicated $500 still on hand. No
adjusting other entries were made to the asset or related expense accounts
during the year.

What is the total value of shop supplies that Mythical had available during
the current year?
Note: Enter answer as $x,xxx

:Total value available


What is the total value of shop supplies used by Mythical during the year?
Note: Enter answer as $x,xxx

:Total value of supplies used

What account will be debited in your year-end adjustment?
Enter you answer in all lower case

:Account that would be debited

© Jim Formosa 2002