The cost of office supplies remaining on hand at the end of the period is shown on the balance sheet as a(n)
The cost of office supplies remaining on hand at the end of the period is shown on the balance sheet as a(n)
A) capital
B) expense
C) contra asset
D) asset
Homework Answers
Cost of office supplies remaining on hand at the end of the period is shown on the balance sheet as an ASSET
Answer: D
It's a current asset for the company.
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The cost of office supplies remaining on hand at the end of the period is shown on the balance sheet as a(n)
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...
1. If office supplies on hand amounted to $2,750 at the beginning of the period and...
1. If office supplies on hand amounted to $2,750 at the beginning of the period and total purchases of office supplies during the period amounted to $14,200, determine the ending balance of office supplies on hand if office supplies expense for the period amounted to $13,225. 2. If beginning and ending accounts receivable were $76,000 and $82,000, respectively, and total sales made on account for the period amounted to $174,000, determine the amount of cash collections from customers on account...
red The unadjusted trial balance of XY Ltd shows a $2,200 balance for the office supplies...
red The unadjusted trial balance of XY Ltd shows a $2,200 balance for the office supplies account. At the end of the period, the office manager determines that the value of supplies on hand is $800. Which of the following is the required adjusting entry? on Select one: A. Supplies Expense Supplies Payable 800 800 B. Supplies Expense Office Supplies 1,400 1,400 800 Supplies Expense Office Supplies 800 D Supplies Expense Supplies Payable 1,400 1,400 Which of the following journal...
Paradise Travel's adjusted trial balance as of the end of its annual accounting period is shown...
Paradise Travel's adjusted trial balance as of the end of its annual accounting period is shown below: (a) Prepare the necessary closing entries. (b) Prepare a post-closing trial balance. Paradise Travel Adjusted Trial Balance December 31 Debit. Credit Cash $ 25,000 Accounts receivable 15,000 Office supplies 4,300 Office equipment 29,600 Accumulated depreciation–Office equipment $5,000 Long-term notes payable 25,000 D. Chambers, Capital 30,260 D. Chambers, Withdrawals 1,000 Fees earned 75,000 Salaries expense 32,800 Rent expense 16,800 Depreciation expense–Office equipment 3,960 Advertising...
8,Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column...
8,Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? X$12,550 b. $7,600 c. $4,950x d. $2,650x 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset XCurrent liability d. long-term...
Name 1. Actually counting the goods on hand at the end of the accounting period and...
Name 1. Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called a. b. c. the cost of goods sold. the physical inventory. freight-in. accumulated depreciation. 2. Unearned revenue is reported as a(n) current liability on the balance sheet. b. contra-asset account on the chart of accounts owner's equity account on the work sheet. asset on the balance sheet. d. 3. The income...
Blum Services has the following unadjusted balances at year-end. Cash $12,900 Prepaid insurance 2,000 Office supplies...
Blum Services has the following unadjusted balances at year-end. Cash $12,900 Prepaid insurance 2,000 Office supplies 1,300 Office equipment 10,500 Accumulated depreciation–office equipment 3,500 Accounts payable 2,900 Salaries payable -0- Unearned service revenue 4,500 A.L.Blum, capital 11,750 A.L.Blum, drawing 5,600 Service revenue 13,350 Salary expense 3,700 Depreciation expense -0- Supplies expense -0- Insurance expense -0- The following information is available to use in making adjusting entries. a. Office supplies on hand at year-end: $250 b. Prepaid insurance expired during the...
1/8, Daniel's end-of-period spreadsheet at the end of July has SASSOn the Balance Sheet Credit column...
1/8, Daniel's end-of-period spreadsheet at the end of July has SASSOn the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $2.600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? $12,550 b. $7,600 c. $4,950% d. $2,650 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset current liability d. long-term...
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce...
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce of $1,800 and its Prepaid Insurance account had a balance of $5,000. It was determine $2,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for th would be: A) $1,800 B $2,000 $3,800 D) $5,000 2. When expenses for a reporting period exceed revenue for the period: A) Equity is reduced B) The company must borrow money to remain in...
1) The supplies account has a balance of $3,000 at the beginning of the year and...
1) The supplies account has a balance of $3,000 at the beginning of the year and was debited during the year for $1,400, representing the total of supplies purchased during the year. If $800 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is ______________? 2) ABC, Inc. Made a Prepaid Rent payment of $4,000 on January 1st. The company's monthly rent is $800. 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...
red The unadjusted trial balance of XY Ltd shows a $2,200 balance for the office supplies account. At the end of the period, the office manager determines that the value of supplies on hand is $800. Which of the following is the required adjusting entry? on Select one: A. Supplies Expense Supplies Payable 800 800 B. Supplies Expense Office Supplies 1,400 1,400 800 Supplies Expense Office Supplies 800 D Supplies Expense Supplies Payable 1,400 1,400 Which of the following journal...
8,Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? X$12,550 b. $7,600 c. $4,950x d. $2,650x 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset XCurrent liability d. long-term...
Name 1. Actually counting the goods on hand at the end of the accounting period and determining the cost of these goods by reviewing the accounting records is called a. b. c. the cost of goods sold. the physical inventory. freight-in. accumulated depreciation. 2. Unearned revenue is reported as a(n) current liability on the balance sheet. b. contra-asset account on the chart of accounts owner's equity account on the work sheet. asset on the balance sheet. d. 3. The income...
1/8, Daniel's end-of-period spreadsheet at the end of July has SASSOn the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $2.600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? $12,550 b. $7,600 c. $4,950% d. $2,650 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset current liability d. long-term...
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce of $1,800 and its Prepaid Insurance account had a balance of $5,000. It was determine $2,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for th would be: A) $1,800 B $2,000 $3,800 D) $5,000 2. When expenses for a reporting period exceed revenue for the period: A) Equity is reduced B) The company must borrow money to remain in...
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