18-20Homework Answers
18) - c. Debit Supplies Expense, $8,000, Credit Supplies $8,000
| Particulars | Debit | Credit |
| Supplies Expense A/c Dr | $8,000 | |
| To Supplies A/c | $8,000 |
19) - b. a fiscal year end
Calendar year means a year that starts with January 1 and ends with December 31, whereas fiscal year end means a completion of 12 months and it is not necessary that it starts with January 1 and ends with December 31.
Here, the store might have started its year from 1 October 2019. So it will be fiscal year end.
20) - c. Debit Depreciation Expense, $300; Credit Accumulated Depreciation, $300.
| Particulars | Debit | Credit |
| Depreciation A/c Dr | $300 | |
| To Accumulated Depreciation A/c | $300 |
Annual Depreciation = $1200
Depreciation for 3 month(From Oct 1) = $1200 * 3/12 = $300
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18-20
18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount....
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A company purchased office supplies costing $5300 and debited
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The appropriate adjusting journal entry to be made at the end of
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debit Supplies, $950; credit Supplies Expense, $950.
debit Supplies Expense, $4350; credit Supplies, $4350.
debit Supplies, $4350; credit Supplies Expense, $4350.
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Skysong, Inc. purchased office supplies costing $5740 and debited Supplies for the full amount. At the...
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A company purchased office supplies costing $5300 and debited
Supplies for the full amount. At the end of the accounting period,
a physical count of office supplies revealed $950 still on hand.
The appropriate adjusting journal entry to be made at the end of
the period would be:
debit Supplies, $950; credit Supplies Expense, $950.
debit Supplies Expense, $4350; credit Supplies, $4350.
debit Supplies, $4350; credit Supplies Expense, $4350.
debit Supplies Expense, $6250; credit Supplies, $6250.
Skysong, Inc. purchased office supplies costing $5740 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2050 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies Expense, $2050; credit Supplies, $2050. O debit Supplies, $3690; credit Supplies Expense, $3690. O debit Supplies Expense, $3690; credit Supplies, $3690. debit Supplies, $2050; credit Supplies Expense, $2050.
Ignatenko Company purchased office supplies costing $5,000 and debited Supplies for the full amount. Supplies on hand at the end of the accounting period were $1,300. The appropriate adjusting journal entry to be made would be: Supplies Expense Supplies $3,700 $3,700 Supplies Expense Supplies $1,300 $1,300 Supplies Supplies Expense $1,300 $4,000 Supplies Supplies Expense $3,700 $3,700
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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