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?
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On March 1, XYZ Company bought $150 worth of supplies. At the
end of March, the...
Ishika Corp. had $12,000 of supplies at the end of August. During September, the company bought...
Ishika Corp. had $12,000 of supplies at the end of August. During September, the company bought $4,000 of supplies. At the end of September, the company had $2,000 of supplies remaining. Which of the following statements is not correct? Multiple Choice O An expense should be debited for $14,000 in September. An asset should be debited for $2,000 in September. During September, the company used $14,000 of supplies. Supplies should be reported at $2,000 on the September balance sheet.
Question 2 At March 1, 2022, Kingbird, Inc. had supplies on hand of $2280. During the...
Question 2 At March 1, 2022, Kingbird, Inc. had supplies on hand of $2280. During the month, Kingbird, Inc. purchased supples of $3310 and used supplies of $3190. The March 31 balance sheet should report What balance in the supplies account? $3190 $2400 $3310 $2250
At March 1, 2022, Nash's Trading Post, LLC had supplies on hand of $1480. During the...
At March 1, 2022, Nash's Trading Post, LLC had supplies on hand of $1480. During the month, Nash's Trading Post, LLC purchased supplies of $2150 and used supplies of $2070. The March 31 balance sheet should report what balance in the supplies account? O $1480 O $2150 $1560 $2070
Question 46 2 pts At March 1, 2025, Blanchard, Inc. had supplies on hand of $2,000....
Question 46 2 pts At March 1, 2025, Blanchard, Inc. had supplies on hand of $2,000. During the month, Blanchard purchased supplies of $2,900 and used supplies of $2,800. The March 31 balance sheet should report what balance in the supplies account? $2,900 $2,000 $2,100 $2,800 Next Previous
1. On March 1, 2009, the amount of Norton Cook's capital in Cook's Catering Company was...
1. On March 1, 2009, the amount of Norton Cook's capital in Cook's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: Accounts payable Accounts receivable Cash Fees earned Insurance expense Land Miscellaneous expense Prepaid insurance Rent expense Salary expense Supplies Supplies expense Utilities expense $ 10,250 45,950 19,390 60,500 1,275 85,400 1,210 3,000 9,000 20,300 900 525 2,800 al SEE NEXT PAGE Cook's...
Instructions During March, Anderson Company engaged in the following transactions involving its petty cash fund: March...
Instructions During March, Anderson Company engaged in the following transactions involving its petty cash fund: March Transactions: Mar. 1 4 Anderson Company established the petty cash fund by issuing a check for $1,800 to the fund custodian. The custodian paid $100 out of petty cash for freight charges on new equipment. This amount is properly classified as equipment The custodian paid $190 out of petty cash for supplies. Anderson expenses supplies purchases as supplies expense. The custodian paid $30 out...
mJy1,2019, the balance in the Supplies account was $400. During the year, $11,500 of supplies was...
mJy1,2019, the balance in the Supplies account was $400. During the year, $11,500 of supplies was purchased on account. 0n December 31, 2019 the company revealed that there were supplies of $1,100 remaining in the closet Required: a) What amount of Supplies Expense will be reported on the 2019 income statement? b) What account and amount, if any, will be reported on the 2019 Balance Sheet? Account Name 47. (Pains) This company paid $24.000 for sis months'reat Angust 1. 2019....
If Bojana Tax Services' office supplies account balance on March 1 was $400, the company purchased...
If Bojana Tax Services' office supplies account balance on March 1 was $400, the company purchased $550 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $500 unused, what is the amount of the adjusting entry for office supplies on March 31? Multiple Choice $450 $550 $950 $400 $350
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...
If Bojana Tax Services' office supplies account balance on March 1 was $1,550, the company purchased...
If Bojana Tax Services' office supplies account balance on March 1 was $1,550, the company purchased $700 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $1,650 unused, what is the amount of the adjusting entry for office supplies on March 31? Multiple Choice $2,500 $2,250 O O $700 $600 O $1,550 O
Ishika Corp. had $12,000 of supplies at the end of August. During September, the company bought $4,000 of supplies. At the end of September, the company had $2,000 of supplies remaining. Which of the following statements is not correct? Multiple Choice O An expense should be debited for $14,000 in September. An asset should be debited for $2,000 in September. During September, the company used $14,000 of supplies. Supplies should be reported at $2,000 on the September balance sheet.
Question 2 At March 1, 2022, Kingbird, Inc. had supplies on hand of $2280. During the month, Kingbird, Inc. purchased supples of $3310 and used supplies of $3190. The March 31 balance sheet should report What balance in the supplies account? $3190 $2400 $3310 $2250
At March 1, 2022, Nash's Trading Post, LLC had supplies on hand of $1480. During the month, Nash's Trading Post, LLC purchased supplies of $2150 and used supplies of $2070. The March 31 balance sheet should report what balance in the supplies account? O $1480 O $2150 $1560 $2070
Question 46 2 pts At March 1, 2025, Blanchard, Inc. had supplies on hand of $2,000. During the month, Blanchard purchased supplies of $2,900 and used supplies of $2,800. The March 31 balance sheet should report what balance in the supplies account? $2,900 $2,000 $2,100 $2,800 Next Previous
1. On March 1, 2009, the amount of Norton Cook's capital in Cook's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: Accounts payable Accounts receivable Cash Fees earned Insurance expense Land Miscellaneous expense Prepaid insurance Rent expense Salary expense Supplies Supplies expense Utilities expense $ 10,250 45,950 19,390 60,500 1,275 85,400 1,210 3,000 9,000 20,300 900 525 2,800 al SEE NEXT PAGE Cook's...
Instructions During March, Anderson Company engaged in the following transactions involving its petty cash fund: March Transactions: Mar. 1 4 Anderson Company established the petty cash fund by issuing a check for $1,800 to the fund custodian. The custodian paid $100 out of petty cash for freight charges on new equipment. This amount is properly classified as equipment The custodian paid $190 out of petty cash for supplies. Anderson expenses supplies purchases as supplies expense. The custodian paid $30 out...
mJy1,2019, the balance in the Supplies account was $400. During the year, $11,500 of supplies was purchased on account. 0n December 31, 2019 the company revealed that there were supplies of $1,100 remaining in the closet Required: a) What amount of Supplies Expense will be reported on the 2019 income statement? b) What account and amount, if any, will be reported on the 2019 Balance Sheet? Account Name 47. (Pains) This company paid $24.000 for sis months'reat Angust 1. 2019....
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...
If Bojana Tax Services' office supplies account balance on March 1 was $1,550, the company purchased $700 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $1,650 unused, what is the amount of the adjusting entry for office supplies on March 31? Multiple Choice $2,500 $2,250 O O $700 $600 O $1,550 O
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