Homework Answers
The answer is (A): Expense will increase and Asset will decrease by $ 2375
Reason:- opening balance of Supplies A/c is $4100; during the year used supplies are of $2375 and Ending balance of Unused supplies is of $1725
So Adjustment entry for this at the year end will be:
Supplies Expense A/c Dr. $2375
To Supplies A/c $2375
Due to this adjustment entry expense will increase and Asset will decrease by $2375.
Add Answer to:
12 During a company's first year of operations, the asset account, Office Supplies, was debited for...
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.
1. Atlas Company's Store Supplies account had a beginning balance of $780. Throughout the year the...
1. Atlas
Company's Store Supplies account had a beginning balance of $780.
Throughout the year the company purchased $1,500 in supplies. A
physical count of the supplies showed $525 of unused supplies
available as of December 31, 2015. Prepare the required adjusting
entry. 2. You have the following insurance policies:
1. Atlas Company's Store Supplies account had a beginning balance of $780. Throughout the year the company purchased $1,500 in supplies. A physical count of the supplies showed $525 of...
a. The Supplies account has a $320 debit balance to start the year. No supplies were...
a. The Supplies account has a $320 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $120 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3: Record the December 31, adjusting entry to get from step 1 to step 2 b. The Supplies account has an $850 debit balance to start the year....
16). The employees of Able Com oyees of Able Company have worked the last two weeks...
16). The employees of Able Com oyees of Able Company have worked the last two weeks of Year 1, but the employees salaries have not been paid or recorded as of December 31, Year 1 been paid or recorded as of December 31. Year 1. The adjusting entry that Able should make to accrue these unpaid salaries on December 31, Year 1 is: A) debit to Salaries Expense and credit to Cash. B) debit to Salaries Expense and credit to...
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
The balance in the supplies inventory account was $24019 at the beginning of the year. During...
The balance in the supplies inventory account was $24019 at the beginning of the year. During the year, a total of $92290 of supplies were purchased. These were debited to the supplies expense account. At year end, a count of office supplies revealed that there was $10204 of office supplies on hand. What is the office supplies expense for the year? Select one: O a. $106105 O b. $78475 O c. $92290 O d. $10204
16 Nelson Company began operations on December 1, Year 1. The following transactions and adjustments were...
16 Nelson Company began operations on December 1, Year 1. The following transactions and adjustments were recorded in December and posted to the company's ledger accounts: 5) Purchased $650 of supplies on account to be used in January 1.17 points 1) Acquired $4,400 cash from the issue of common stock to its stockholders 2) Provided services on account for $3,900 3) Paid $2,200 cash for land 4) Owed $1,700 of salaries expenses to employees for work done in December that...
14) Prior to recording adjusting entries, the Office Supplies account had a $500 debit balance. A...
14) Prior to recording adjusting entries, the Office Supplies account had a $500 debit balance. A physical count of the supplies showed $285 of unused supplies available. The required adjusting entry is: 15) On July 1, a company paid the $7,800 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31?
During the first year of Vaughn Manufacturing's operations, all purchases were recorded as assets. Supplies in...
During the first year of Vaughn Manufacturing's operations, all purchases were recorded as assets. Supplies in the amount of $27900 were purchased. Actual year-end supplies amounted to $6400. The adjusting entry for store supplies will increase expenses by $21500. decrease supplies by $6400. debit Accounts Payable for $6400. increase net income by $21500.
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.
1. Atlas
Company's Store Supplies account had a beginning balance of $780.
Throughout the year the company purchased $1,500 in supplies. A
physical count of the supplies showed $525 of unused supplies
available as of December 31, 2015. Prepare the required adjusting
entry. 2. You have the following insurance policies:
1. Atlas Company's Store Supplies account had a beginning balance of $780. Throughout the year the company purchased $1,500 in supplies. A physical count of the supplies showed $525 of...
a. The Supplies account has a $320 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $120 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3: Record the December 31, adjusting entry to get from step 1 to step 2 b. The Supplies account has an $850 debit balance to start the year....
16). The employees of Able Com oyees of Able Company have worked the last two weeks of Year 1, but the employees salaries have not been paid or recorded as of December 31, Year 1 been paid or recorded as of December 31. Year 1. The adjusting entry that Able should make to accrue these unpaid salaries on December 31, Year 1 is: A) debit to Salaries Expense and credit to Cash. B) debit to Salaries Expense and credit to...
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
The balance in the supplies inventory account was $24019 at the beginning of the year. During the year, a total of $92290 of supplies were purchased. These were debited to the supplies expense account. At year end, a count of office supplies revealed that there was $10204 of office supplies on hand. What is the office supplies expense for the year? Select one: O a. $106105 O b. $78475 O c. $92290 O d. $10204
16 Nelson Company began operations on December 1, Year 1. The following transactions and adjustments were recorded in December and posted to the company's ledger accounts: 5) Purchased $650 of supplies on account to be used in January 1.17 points 1) Acquired $4,400 cash from the issue of common stock to its stockholders 2) Provided services on account for $3,900 3) Paid $2,200 cash for land 4) Owed $1,700 of salaries expenses to employees for work done in December that...
14) Prior to recording adjusting entries, the Office Supplies account had a $500 debit balance. A physical count of the supplies showed $285 of unused supplies available. The required adjusting entry is: 15) On July 1, a company paid the $7,800 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31?
Most questions answered within 3 hours.
-
An entomologist discovers a dung beetle rolling a ball of dung
along the ground, and decides...
asked 6 minutes ago -
Humans have used horses for transportation for millions of
years. Therefore, they will use horses for...
asked 1 hour ago -
The following are the Jensen Corporation's unit costs of making
and selling an item at a...
asked 2 hours ago -
Does direct Medicare reimbursement of Advanced practice nurses
increase access to their services?
asked 3 hours ago -
List and explain why a company would choose to use a
published
compensation survey vs. creating...
asked 3 hours ago -
A discrete random variable X can take values from 1 to 10. Find
the variance of...
asked 3 hours ago -
The primary financial goal of a corporation is to maximize:
shareholders wealth.
earnings per share.
stock...
asked 3 hours ago -
determine whether the vectors u=(1,2,3,), v=(-2,1,0) and
w=(1,0,1) are linearly dependent or independent.
asked 3 hours ago -
python
Define a function called print_values which takes a dictionary
object as a parameter. The function...
asked 4 hours ago -
In Chapter 1 you created a program named Triangle in
which you displayed a seven-line triangle...
asked 4 hours ago -
Research question: What are the differences between separately
stated and non separately stated transactions in an...
asked 5 hours ago -
By using Arduino write a code that connects two LEDs to two
push-buttons. Each button controls...
asked 6 hours ago