Mookie The Beagle™ Concierge purchased $852 of office supplies during January 2022. At the end of the accounting period on January 31, Mookie The Beagle™ Concierge still had $472 of unused supplies on hand. The $472 of supplies is an asset with future benefit. Since Mookie The Beagle™ Concierge recorded the entire $852 as Office Supplies & Software (Expenses), an adjusting entry is needed to bring accounts up to date at January 31

The prepaid Expenses account was debited by $472 and the credit supplies expenses which are an adjusting entry is needed to bring accounts up to date on January 31.

What is an adjusting entry in accounting?

Changes to previously recorded journal entries are referred to as adjusting entries. They specifically ensure that the numbers you recorded correspond to the correct accounting periods. Journal entries track how money moves through your business—how it enters, exits, and moves between accounts.

Given

Purchase Supplies = $852

Unused Purchase Supplies = $472

Required finding the adjusted entry for unused expenses =?

Date Account Debit Credit

Jan 31 Prepaid Expenses $472

Supplies Expenses $472

Thus, the mentioned above entry is required adjusting entry to pass.

Learn more about an adjusting entry here:

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