Consider each situation separately. 1 answer below »

 
   

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(Learning Objective 2, 3: Allocating supplies cost to the asset and the expense) Bird-Kultgen, Inc., experienced four situations for its supplies. Compute the amounts indicated by question marks for each situation. For situations 1 and 2, journalize the needed transaction. Consider each situation separately.

Situation

1

2

3

4

Beginning supplies

$ 500

$1,000

$300

$ 900

Payments for supplies during the year

?

3,100

?

1,100

Total cost to account for

1,300

?

?

2,000

Ending supplies

400

500

700

?

Supplies expense

$ 900

$ ?

$700

$1,400