Homework Answers
Solution:
Supplies expense for the year ended Dec 31, 20X7 = Beginning supplies + Purchase - Ending supplies
= $12,330 + $44,826 - $18,896
= $38,260
Hence option d is correct.
Add Answer to:
On January 1, 20x7 you had $ 12330 in your office supplies inventory account. During the...
The Office Supplies account had a $480 debit balance at the beginning of the year. During...
The Office Supplies account had a $480 debit balance at the beginning of the year. During the year, $4,885 of office supplies are purchased. A physical count of supplies at December 31 shows $539 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $3,000 of unexpired insurance benefits remain at December 31. The company has earned (but not recorded) $600 of interest revenue for the...
On January 1, 2014, the balance in office supplies was a debit balance of $2798. During...
On January 1, 2014, the balance in office supplies was a debit balance of $2798. During the year, you purchase $30, 156 of additional office supplies. On December 31, 2014, you take a physical inventory of office supplies and count $3492 in office supplies. How much would need to be credited to office supplies?
The balance in the supplies inventory account was $24019 at the beginning of the year. During...
The balance in the supplies inventory account was $24019 at the beginning of the year. During the year, a total of $92290 of supplies were purchased. These were debited to the supplies expense account. At year end, a count of office supplies revealed that there was $10204 of office supplies on hand. What is the office supplies expense for the year? Select one: O a. $106105 O b. $78475 O c. $92290 O d. $10204
14) Prior to recording adjusting entries, the Office Supplies account had a $500 debit balance. A...
14) Prior to recording adjusting entries, the Office Supplies account had a $500 debit balance. A physical count of the supplies showed $285 of unused supplies available. The required adjusting entry is: 15) On July 1, a company paid the $7,800 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31?
The company has a Supplies account balance of $200 on January 1. During the year, the...
The company has a Supplies account balance of $200 on January 1.
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
The balance in the office supplies account on January 1 was $6,671, the supplies purchased during...
The balance in the office supplies account on January 1 was $6,671, the supplies purchased during January were $3,811, and the supplies on hand on January 31 were $2,401. The amount to be used for the appropriate adjusting entry is a.$3,811 b.$8,081 c.$2,401 d.$12,883
A company had no office supplies at the beginning of the year. During the year, the...
A company had no office supplies at the beginning of the year. During the year, the company purchased $400 worth of office supplies. On December 31, $150 worth of office supplies remained. How much should the company report as office supplies expense for the year? Multiple Choice O $150 ะพ O $250 o $200 O $550 O $400 On April 30, 2014, a three-year insurance policy was purchased for $19,260 with coverage to begin immediately. What is the amount of...
Journal entry worksheet < 3 4 5 6 The Office Supplies account had a $290 debit...
Journal entry worksheet < 3 4 5 6 The Office Supplies account had a $290 debit balance at the beginning of the year; and $2,680 of office supplies were purchased during the year. The December 31 physical count showed $342 of supplies available. Note: Enter debits before credits. Transaction General Journal Debit Credit c. Supplies expense Record entry Clear entry View general journal
Charlie Company had $1,800 of supplies on hand at January 1. During the year, supplies with...
Charlie Company had $1,800 of supplies on hand at January 1. During the year, supplies with a cost of $4,000 were purchased. At December 31, the actual supplies on hand amount to $1,300. After the adjustments are recorded and posted at December 31, determine the balances in the Supplies and Supplies Expense accounts. Supplies Supplies Expense a. $1,300 $4,500 b. $1,800 $4,000 c. $5,300 $5,800 d. $1,300 $5,800
19 Cougar Company, who sells college logo memorabilia, purchased $110,000 of supplies on account during 2020....
19 Cougar Company, who sells college logo memorabilia, purchased $110,000 of supplies on account during 2020. On January 1, 2020, ABC had $44,000 in the supplies account and on December 31, 2020 a physical count of supplies revealed $38,000 still on hand. In the adjusting entry on December 31, 2020, what is the debit to supplies expense? X 01:33:12 Multiple Choice 0 $ 66,000 0 $ 72,000 0 $116,000 0 $154,000
The balance in the supplies inventory account was $24019 at the beginning of the year. During the year, a total of $92290 of supplies were purchased. These were debited to the supplies expense account. At year end, a count of office supplies revealed that there was $10204 of office supplies on hand. What is the office supplies expense for the year? Select one: O a. $106105 O b. $78475 O c. $92290 O d. $10204
14) Prior to recording adjusting entries, the Office Supplies account had a $500 debit balance. A physical count of the supplies showed $285 of unused supplies available. The required adjusting entry is: 15) On July 1, a company paid the $7,800 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31?
The company has a Supplies account balance of $200 on January 1.
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
A company had no office supplies at the beginning of the year. During the year, the company purchased $400 worth of office supplies. On December 31, $150 worth of office supplies remained. How much should the company report as office supplies expense for the year? Multiple Choice O $150 ะพ O $250 o $200 O $550 O $400 On April 30, 2014, a three-year insurance policy was purchased for $19,260 with coverage to begin immediately. What is the amount of...
Journal entry worksheet < 3 4 5 6 The Office Supplies account had a $290 debit balance at the beginning of the year; and $2,680 of office supplies were purchased during the year. The December 31 physical count showed $342 of supplies available. Note: Enter debits before credits. Transaction General Journal Debit Credit c. Supplies expense Record entry Clear entry View general journal
19 Cougar Company, who sells college logo memorabilia, purchased $110,000 of supplies on account during 2020. On January 1, 2020, ABC had $44,000 in the supplies account and on December 31, 2020 a physical count of supplies revealed $38,000 still on hand. In the adjusting entry on December 31, 2020, what is the debit to supplies expense? X 01:33:12 Multiple Choice 0 $ 66,000 0 $ 72,000 0 $116,000 0 $154,000
Most questions answered within 3 hours.
-
Which amino acid has a basic R group?
A) tyrosine
B) Isoleucine
C) Glutamic Acid
D)...
asked 9 minutes ago -
Is there the need for the government to have hackers. Please
share your thoughts.
asked 12 minutes ago -
Explain why you should not lose any LDH activity when you
centrifuge a crude sample at...
asked 21 minutes ago -
An AA battery (object), standing on end, is placed to the left
of a diverging lens...
asked 22 minutes ago -
After you measure the self-inductance of a coil, you unwind it
and then rewind one third...
asked 22 minutes ago -
1. Which of the following best describes a transistor?
A) a small electrical circuit made from...
asked 23 minutes ago -
Use generating function to find the number of distributions of
20 people into four different rooms...
asked 39 minutes ago -
The following data set consists the number of minutes a sample
of 25 people run every...
asked 42 minutes ago -
Suppose vacuum cleaners are part of the market basket used to
compute the CPI. Suppose also...
asked 55 minutes ago -
What intermediate results after the addition of H3O+ to
E-3-methyl-2-pentane?
pentene*
asked 59 minutes ago -
Potassium hydrogen phthalate is a solid, monoprotic acid
frequently used in the laboratory to standardize strong...
asked 1 hour ago -
1-Describe the 3 major classes of ownerships of retailers
2-What are the differences between consumer and...
asked 1 hour ago