If Bojana Tax Services' office supplies account balance on March 1 was $1,100, the company purchased $1,000 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $1,200 unused, what is the amount of the adjusting entry for office supplies on March 31?

Dr.  Office Supplies Expense $900

Cr.  Office supplies                 $900

Explanation:

At the end of the period office supplies account requires an adjusting entry of the office supplies used during the period. It can be calculated as follow

Ending balance of Office supplies = Beginning balance of Office supplies + Purchases  during the period - office supplies expense during the period

$1,200 = $1,100 + $1,000 - office supplies expense during the period

$1,200 = $2,100 - office supplies expense during the period

Office supplies expense during the period = $2,100 - $1,200

Office supplies expense during the period = $900

Journal Entry will be debited to office supplies expense account and credit to office supplies inventory account, which will increase the expenses and decrease the inventory.

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