Homework Answers
| Answer: | |
| The correct option is D :$3500 of supplies: $1000 of supplies expenses | |
| Explanation | |
| Statement of Supplies account | |
| Amount($) | |
| Beginning | $ 1,500 |
| Add: Purchases | $ 4,400 |
| Total supplies | $ 5,900 |
| Less: Paid during the year | $ 2,400 |
| Ending balance | $ 3,500 |
| Actual supplies on hand | $ 2,500 |
| Difference is supplies expenses | $ 1,000 |
| $3500 of supplies: $1000 of supplies expenses | |
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7. Sheldon Company began Year 1 with $1500 in its supplies account. During the year, the...
Sheldon Company began Year 1 with $700 in its supplies account. During the year, the company...
Sheldon Company began Year 1 with $700 in its supplies account. During the year, the company purchased $2,000 of supplies on account. The company paid $1.600 on accounts payable by year end. At the end of Year 1, Sheldon counted $900 of supplies on hand. Sheldon's financial statements for Year 1 would show Multiple Choice $900 of supplies; $1,800 of supplies expense $1100 of supplies: $200 of supplies expense $1300 of supplies; $2.000 of supplies expense $900 of supplies: $1,100...
Sheldon Company began Year 1 with $2,400 in its supplies account. During the year, the company...
Sheldon Company began Year 1 with $2,400 in its supplies account. During the year, the company purchased $7,100 of supplies on account. The company paid $3,300 on accounts payable by year end. At the end of Year 1. Sheldon counted $4,300 of supplies on hand. Sheldon's financial statements for Year 1 would show: Multiple Choice nt $6,200 of supplies, $1,900 of supplies expense $4,300 of supplies: $2,800 of supplies expense $4,300 of supplies; $5,200 of supplies expense $6,200 of supplies:...
Sheldon Company began Year 1 with $1,200 in its supplies account. During the year, the company...
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
On January 1 Year 2, the Supplies account of Sheldon Company had a balance of $1500....
On January 1 Year 2, the Supplies account of Sheldon Company had a balance of $1500. During the year, the company purchased $3,200 of supplies on account and made partial payments totaling $2,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1700 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice C S 0700 of supplies $1500 of supplies expense C $2.300 of suples 5600...
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200....
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies: $200 of supplies expense $1,400 of supplies: $2,000 of supplies expense...
AZ Plumbing Co began 2019 with $500 in its supplies account. During the year the company...
AZ Plumbing Co began 2019 with $500 in its supplies account. During the year the company purchased an additional $2,500 of supplies on account. On December 31, 2019, AZ Plumbing counted $200 of supplies on hand. AZ Plumbing's financial statements for 2019 would show: a) $2,800 of supplies on balance sheet, $200 of supplies expense on income statement b) $700 of supplies on balance sheet, $3,200 of supplies expense on income statement c) $3,200 of supplies on balance sheet, $200...
1. Ashton Company began the year with a zero balance in its Supplies General Ledger account....
1. Ashton Company began the year with a zero balance in its Supplies General Ledger account. During the year, Able Company purchased $39,600 of supplies. At the end of the year,a physical count of the supplies showed $1,760 of supplies remained on hand. Make the adjusting entry to the Supplies and Supplies Expense accounts for the year. Enter the date, account and debit and credit amount. Be sure to indent the credit line. 2. July 31, 2016, the end of...
Microchip began the year with $3,200 in its asset account, supplies. During the year, $7,700 in...
Microchip began the year with $3,200 in its asset account, supplies. During the year, $7,700 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,850 remain on hand. Note: Enter debits before credits. Transaction General Journal Debit Credit 6
Question 18 The balance in the supplies account on June 1 was $5370, supplies purchased during...
Question 18 The balance in the supplies account on June 1 was $5370, supplies purchased during June were $3540, and the supplies on hand at June 30 were $3090. The amount to be used for the appropriate adjusting entry is O $6630. O $3540. $5820. O $12000. Question 26 The following items are taken from the financial statements of the Novak Service for the year ending December 31, 2018: Accounts payable $ 17800 Accounts receivable 11000 Accumulated depreciation - equipment...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
Sheldon Company began Year 1 with $700 in its supplies account. During the year, the company purchased $2,000 of supplies on account. The company paid $1.600 on accounts payable by year end. At the end of Year 1, Sheldon counted $900 of supplies on hand. Sheldon's financial statements for Year 1 would show Multiple Choice $900 of supplies; $1,800 of supplies expense $1100 of supplies: $200 of supplies expense $1300 of supplies; $2.000 of supplies expense $900 of supplies: $1,100...
Sheldon Company began Year 1 with $2,400 in its supplies account. During the year, the company purchased $7,100 of supplies on account. The company paid $3,300 on accounts payable by year end. At the end of Year 1. Sheldon counted $4,300 of supplies on hand. Sheldon's financial statements for Year 1 would show: Multiple Choice nt $6,200 of supplies, $1,900 of supplies expense $4,300 of supplies: $2,800 of supplies expense $4,300 of supplies; $5,200 of supplies expense $6,200 of supplies:...
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
On January 1 Year 2, the Supplies account of Sheldon Company had a balance of $1500. During the year, the company purchased $3,200 of supplies on account and made partial payments totaling $2,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1700 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice C S 0700 of supplies $1500 of supplies expense C $2.300 of suples 5600...
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies: $200 of supplies expense $1,400 of supplies: $2,000 of supplies expense...
Microchip began the year with $3,200 in its asset account, supplies. During the year, $7,700 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,850 remain on hand. Note: Enter debits before credits. Transaction General Journal Debit Credit 6
Question 18 The balance in the supplies account on June 1 was $5370, supplies purchased during June were $3540, and the supplies on hand at June 30 were $3090. The amount to be used for the appropriate adjusting entry is O $6630. O $3540. $5820. O $12000. Question 26 The following items are taken from the financial statements of the Novak Service for the year ending December 31, 2018: Accounts payable $ 17800 Accounts receivable 11000 Accumulated depreciation - equipment...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
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