Homework Answers
Solution:
Supplies expense for the month = Beginning supplies + supplies purchased - Ending supplies
= $70 + $180 - $45 = $205
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A company begins June with $70 of supplies. During the month, the company purchases $180 worth...
A company has supplies costing $3,500 in storage, and add $2,600 worth supplies during the month....
A company has supplies costing $3,500 in storage, and add $2,600 worth supplies during the month. At the end of the month, $1,400 worth of supplies left in the storage. Your answer says the expense account affected is “Supplies Expense”. But if this company sells these supplies, shouldn’t it be Cost of Goods Sold, instead of Supplies Expense?
Vernon Books expects to purchase the following supplies: April May June Required purchases (on account) $...
Vernon Books expects to purchase the following supplies:
April
May
June
Required purchases (on account)
$
110,000
$
130,000
$
142,000
Vernon Books’s accountant prepared the following schedule of
cash payments for supplies purchases. Vernon Books’s suppliers
require that 85 percent of purchases on account be paid in the
month of purchase; the remaining 15 percent are paid in the month
following the month of purchase.
Required
Complete the schedule of cash payments for supplies purchases by
filling in the...
The purchasing department manager for Franklin Company prepared the following supplies purchases budget. Franklin's policy is...
The purchasing department manager for Franklin Company prepared the following supplies purchases budget. Franklin's policy is to maintain an ending supplies balance equal to 10 percent of the following month's supplies expense. April's budgeted supplies expense is $77,000. Required a. Complete the supplies purchases budget by filling in the missing amounts. b. Determine the amount of supplies expense the company will report on its first quarter pro forma income statement c. Determine the amount of ending supplies the company will...
The Tkiban Company purchased 539,000 worth of supplies on June 2 and recorded the purchase as...
The Tkiban Company purchased 539,000 worth of supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the supplies indicated only $6,000 on hand. The adjusting entry that should be made by the company on June 30 is: a. debit Supplies, $6,000; credit Supplies Expense, S6,000. b. debit Supplies, $33,000 credit Supplies Expense, $33,000. debit Supplies Expense, S6,000, credit Supplies, $6,000. d. debit Supplies Expense, $33,000; credit Supplies, $33,000. e. None of the...
Knowledge Check 01 A company is in its first month of operations. Supplies worth $4,000 were...
Knowledge Check 01 A company is in its first month of operations. Supplies worth $4,000 were purchased on January 5. At the end of the month supplies worth $3,000 were in hand. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. record the consumption of supplies during the month if supplies are...
Fanning Books expects to purchase the following supplies: April May June Required purchases (on account) $...
Fanning Books expects to purchase the following supplies:
April
May
June
Required purchases (on account)
$
112,000
$
132,000
$
144,000
Fanning Books’s accountant prepared the following schedule of
cash payments for supplies purchases. Fanning Books’s suppliers
require that 85 percent of purchases on account be paid in the
month of purchase; the remaining 15 percent are paid in the month
following the month of purchase.
Required
Complete the schedule of cash payments for supplies purchases by
filling in the...
On March 1, XYZ Company bought $150 worth of supplies. At the end of March, the...
On March 1, XYZ Company bought $150 worth of supplies. At the end of March, the company had used $100 of these supplies in the business. a) What amount of expense should the company record on the income statement during the month of March? b) What would be the balance in the supplies account on the balance sheet on March 31?
Office Supplies had a beginning balance of $8,000. During the month, purchases of office supplies totaling...
Office Supplies had a beginning balance of $8,000. During the month, purchases of office supplies totaling $2,000 were added to the Office Supplies account. If $3,000 worth of office supplies is still on hand at month-end, what is the proper adjustment? Select one: BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS - LIABILITIES EQUITY REVENUE EXPENSE Office Supplies Office Supplies Expense +3.000 +3.000 -3,000 Ob INCOME STATEMENT BALANCE SHEET STOCKHOLDER'S - LIABILITIES EQUITY ASSETS Office Supplies 3.000 REVENUE - EXPENSE Office Supplies...
Clean Sweep, Inc. started the month of June with $800 worth of cleaning supplies. During the...
Clean Sweep, Inc. started the month of June with $800 worth of cleaning supplies. During the month, Clean Sweep purchased $300 of supplies for cash. At June 30, $200 worth of supplies was unused. How will the company report its unused supplies on June 30? A) $200 of unused supplies will appear as an expense on the income statement. B) $900 of unused supplies will appear as an expense on the income statement. C) $200 of unused supplies will appear...
Yellow's accounting policy related to supplies is to Debit all purchases of supplies to the Supplies...
Yellow's accounting policy related to supplies is to Debit all purchases of supplies to the Supplies account (an asset account). The following two purchases of supplies were made during the month of June of 2020: • June 10 purchased $9,700 • June 18 purchased $11,100 Other than the above two purchases - there were no other entries made to the Supplies account during June of 2020. On June 1, 2020 the beginning balance in Yellow's Supplies account was $8,000. On...
Vernon Books expects to purchase the following supplies:
April
May
June
Required purchases (on account)
$
110,000
$
130,000
$
142,000
Vernon Books’s accountant prepared the following schedule of
cash payments for supplies purchases. Vernon Books’s suppliers
require that 85 percent of purchases on account be paid in the
month of purchase; the remaining 15 percent are paid in the month
following the month of purchase.
Required
Complete the schedule of cash payments for supplies purchases by
filling in the...
The purchasing department manager for Franklin Company prepared the following supplies purchases budget. Franklin's policy is to maintain an ending supplies balance equal to 10 percent of the following month's supplies expense. April's budgeted supplies expense is $77,000. Required a. Complete the supplies purchases budget by filling in the missing amounts. b. Determine the amount of supplies expense the company will report on its first quarter pro forma income statement c. Determine the amount of ending supplies the company will...
The Tkiban Company purchased 539,000 worth of supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the supplies indicated only $6,000 on hand. The adjusting entry that should be made by the company on June 30 is: a. debit Supplies, $6,000; credit Supplies Expense, S6,000. b. debit Supplies, $33,000 credit Supplies Expense, $33,000. debit Supplies Expense, S6,000, credit Supplies, $6,000. d. debit Supplies Expense, $33,000; credit Supplies, $33,000. e. None of the...
Fanning Books expects to purchase the following supplies:
April
May
June
Required purchases (on account)
$
112,000
$
132,000
$
144,000
Fanning Books’s accountant prepared the following schedule of
cash payments for supplies purchases. Fanning Books’s suppliers
require that 85 percent of purchases on account be paid in the
month of purchase; the remaining 15 percent are paid in the month
following the month of purchase.
Required
Complete the schedule of cash payments for supplies purchases by
filling in the...
Office Supplies had a beginning balance of $8,000. During the month, purchases of office supplies totaling $2,000 were added to the Office Supplies account. If $3,000 worth of office supplies is still on hand at month-end, what is the proper adjustment? Select one: BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS - LIABILITIES EQUITY REVENUE EXPENSE Office Supplies Office Supplies Expense +3.000 +3.000 -3,000 Ob INCOME STATEMENT BALANCE SHEET STOCKHOLDER'S - LIABILITIES EQUITY ASSETS Office Supplies 3.000 REVENUE - EXPENSE Office Supplies...
Yellow's accounting policy related to supplies is to Debit all purchases of supplies to the Supplies account (an asset account). The following two purchases of supplies were made during the month of June of 2020: • June 10 purchased $9,700 • June 18 purchased $11,100 Other than the above two purchases - there were no other entries made to the Supplies account during June of 2020. On June 1, 2020 the beginning balance in Yellow's Supplies account was $8,000. On...
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