Homework Answers
ANSWER. B. AN ASSET SHOULD BE DEBITED FOR $2,000 IN SEPTEMBER.
SINCE THE OPENING BALANCE OF SUPPLIES IS $12,000 IN SEPTEMBER AND SUPPLIES PURCHASED ( DEBITED) IN SEPTEMBER IS $4,000, AND THE SUPPLIES REMAINING ON HAND IN END OF SEPTEMBER IS $2,000.
THIS IMPLIES $14,000 ( $12,000 + $4,000 - $2,000) OF SUPPLIES IS BEING USED IN SEPTEMBER AND IS EXPENSED OFF.
THE STATEMENT THAT $2000 OF ASSETS WOULD BE DEBITED IS WRONG, AS ASSET ( SUPPLIES) SHOULD BE DEBITED BY $4,OOO IN SEPTEMBER.
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