Question 9 Browse Books, Inc., received and paid its utility bill of $250. As the accountant,...
Question 9
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Browse Books, Inc., received and paid its utility bill of $250. As the accountant, you would tell the bookkeeper to
debit Cash and credit Utility Expense for $250.
debit Cash and credit Utility Payable for $250.
debit Utility Receivable and credit Cash for $250.
debit Utility Expense and credit Cash for $250.
debit Cash and credit Retained Earnings for $250.
1 points
Question 10
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A company began operations and purchased $5,000 of supplies. By year-end, $3,200 were still on hand. The year-end entry would include a
credit to Supplies Expense for $1,800.
credit to Supplies Expense for $3,200.
debit to Supplies Expense for $1,800.
debit to Supplies Expense for $3,200.
debit to Supplies for $5,000.
Homework Answers
1. Option (d) is correct
Correct journal entry for utility bill payment is:
Debit Utility expense $250
Credit Cash $250
2. Option (c) is correct
Out of the total $5000 supplies, $3200 is still in hand, it means that supplies spent will be:
Supplies expense = $5000 - $3200 = $1800
So, supplies expense will be debited by $1800.
Add Answer to:
Question 9
Browse Books, Inc., received and paid its utility bill of $250.
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