On-time truckers prepares monthly financial statements. on july 1, the supplies account had a balance of $3,500. during july, additional supplies were purchased for $4,800 and that amount was debited to supplies expense. on july 31, a physical count of supplies revealed that there was $2,200 on hand. prepare the adjusting journal entry that on-time truckers should make on july 31. (credit account titles are automatically indented when the amount is entered. do not indent manually. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts.)

Explanation:

The adjusting entry is shown below:

Supplies expense A/c Dr  $6,100

              To supplies A/c  $6,100

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies beginning balance + purchase of supplies - supplies on hand

= $3,500 + $4,800 - $2,200

= $6,100

To find out the adjusting balance we added the purchase of supplies and deducted the supplies on hand from the beginning balance of supplies account

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know