Homework Answers
Solution: The answer is $1,700 of supplies; $2,600 of supplies expense
| Supplies | |||
| Beg. Balance | $ 1,100 | ||
| Purchased | $ 3,200 | Supplies Expense | $ 2,600.00 |
| End Balance | $ 1,700 | ||
Notes:
1) No need to consider accounts payable because in any options there is no discussion on accounts payable.
2) Remaining options a,b,dare not correct because option c is correct.
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Sheldon Company began Year 1 with $1,200 in its supplies account. During the year, the company purchased $3,400 of supplies on account. The company paid $3,000 on accounts payable by year end. At the end of Year 1, Sheldon counted $1.400 of supplies on hand. Sheldon's financial statements for Year 1 would show: Edit Insert Format Tools Table 12pt Paragraph Β Ι Ο Α 2ν τον 1
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During the year, the company purchased $1,500 of supplies. As of
December 31, a count revealed that there were $500 of supplies on
hand. Complete the necessary journal entry. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
1 Record the supplies used during the year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
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