Question

englewood corporation experienced four situations for its supplies. view the four situations. requirement 1. calculate the amounts that have been left blank for each situation. for situations 1 and 2, journalize the necessary entries separately. calculate the amounts that have been left blank for situation 1. situation 1 beginning supplies $ 1,500 purchases of supplies during the year 1,400 total amount to account for 2,900 ending supplies (990) supplies expense $ 1,910 calculate the amounts that have been left blank for situation 2. situation 2 beginning supplies $ 700 purchases of supplies during the year 400 total amount to account for ending supplies (900) supplies expense

Explanation:

Step1: Recall the supplies - expense formula

The formula for supplies expense is: Supplies Expense=Beginning Supplies + Purchases of Supplies - Ending Supplies, and Total amount to account for = Beginning Supplies+Purchases of Supplies.

Step2: Analyze Situation 1

We are given Beginning Supplies = $1,500, Purchases of Supplies = $1,400, Total amount to account for = $2,900 (which is correct as 1500 + 1400=2900), Ending Supplies = $990, and Supplies Expense = $1,910 (which is correct as 1500 + 1400-990 = 1910).

Step3: Analyze Situation 2

1. Calculate the total amount to account for:

• Using the formula Total amount to account for = Beginning Supplies+Purchases of Supplies. Given Beginning Supplies = $700 and Purchases of Supplies = $400. So, Total amount to account for = 700 + 400=$1,100.

1. Calculate the supplies expense:

• Using the formula Supplies Expense=Beginning Supplies + Purchases of Supplies - Ending Supplies. Given Beginning Supplies = $700, Purchases of Supplies = $400, and Ending Supplies = $900. So, Supplies Expense=700 + 400-900=$200.

Answer:

Situation 2 - Total amount to account for: $1,100
Situation 2 - Supplies Expense: $200