The problem gave me a trial balance and a bunch of adjusting entries to do for it. I have done them all except 2.
- Advertising paid in advance $700
On the trial balance, the only advertising account is Advertising Expense which has a balance of $6,700
- Office supplies on hand $1,500, charged to office expense when purchased
On the trial balance, the only office supplies account is Office Expense with a balance of $5,000
I dont get this. Why would they charge the office supplies to office expense when purchased, rather than just office supplies...