Homework Answers
Supplies expense:
= $7,600 - $2,500
= $5,100
Adjustment:
Increase supplies expense $5,100 and decrease supplies $5,100
4th option
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Sheffield Corp. purchased office supplies costing $7600 and increase Supplies for the full amount. At the...
Skysong, Inc. purchased office supplies costing $5740 and debited Supplies for the full amount. At the...
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.
A company purchased office supplies costing $5300 and debited Supplies for the full amount. At the...
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.
Ignatenko Company purchased office supplies costing $5,000 and debited Supplies for the full amount. Supplies on...
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
18-20 18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount....
18-20
18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be a. Debit Supplies Expense, $10,000; Credit Supplies, $10,000 b. Debit Supplies, $10,000; Credit Supplies Expense, $10,000. C. Debit Supplies Expense, $8,000; Credit Supplies, $8,000. d. Debit Supplies, $8,000Credit Supplies Expense, $8,000....
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
Question 14 Question 14 of 20 1 points Save As Been The-Bonnet Company purchased office supplies...
Question 14 Question 14 of 20 1 points Save As Been The-Bonnet Company purchased office supplies costing $8.000 and de l es for the on hand. The appropriateadusting journal entry to be made at the end of the period would be amount At the end of the accounting period i cal count of succ e d Debit Supplies 2200: Credit Supplies Expense S2 200 Debet Supplies 55.500. Credit Supplies Expense. 55.800 Debit Supplies Expense,55,800Credit Supplies 55.800 Debt Supplies Expense 52.200Credit...
Sheffield Corp. took a physical inventory on December 31 and determined that goods costing $208,000 were...
Sheffield Corp. took a physical inventory on December 31 and determined that goods costing $208,000 were on hand. Not included in the physical count were $22,000 of goods purchased from Wildhorse Co., FOB, shipping point, and $24,500 of goods sold to Waterway Industries for $35,000, FOB destination. Both the Wildhorse purchase and the Waterway sale were in transit at year-end. What amount should Sheffield report as its December 31 inventory?
12 During a company's first year of operations, the asset account, Office Supplies, was debited for...
12 During a company's first year of operations, the asset account, Office Supplies, was debited for $4,100 for the purchases of supplies. At year-end, a physical count of the supplies on hand revealed that $1,725 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements? 1.17 points Multiple Choice Skipped Expenses will increase and assets will decrease by $2,375. eBook References 이 Assets and expenses will both increase by $1,725. Expenses...
[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...
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
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.
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.
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
18-20
18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be a. Debit Supplies Expense, $10,000; Credit Supplies, $10,000 b. Debit Supplies, $10,000; Credit Supplies Expense, $10,000. C. Debit Supplies Expense, $8,000; Credit Supplies, $8,000. d. Debit Supplies, $8,000Credit Supplies Expense, $8,000....
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
Question 14 Question 14 of 20 1 points Save As Been The-Bonnet Company purchased office supplies costing $8.000 and de l es for the on hand. The appropriateadusting journal entry to be made at the end of the period would be amount At the end of the accounting period i cal count of succ e d Debit Supplies 2200: Credit Supplies Expense S2 200 Debet Supplies 55.500. Credit Supplies Expense. 55.800 Debit Supplies Expense,55,800Credit Supplies 55.800 Debt Supplies Expense 52.200Credit...
12 During a company's first year of operations, the asset account, Office Supplies, was debited for $4,100 for the purchases of supplies. At year-end, a physical count of the supplies on hand revealed that $1,725 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements? 1.17 points Multiple Choice Skipped Expenses will increase and assets will decrease by $2,375. eBook References 이 Assets and expenses will both increase by $1,725. Expenses...
[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...
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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