Homework Answers
The correct answer is $ 600. Below is the explanation provided :-
Bojana Tax service has Opening Supplies of $ 1,550 and purchased $ 700 supplies during the month. Upon Physical Count $ 1650 are unused implies $ 600 is consumed ( See calculation below).
For $ 600 Bojana Tax service need to record Supplies Expenses by passing an adjustment entry in its books.
| (in $) | ||
| Opening Supplies (a) | 1,550 | |
| Supplies purchased during the year (b) | 700 | |
| Closing Supplies (c ) | -1,650 | |
| Supplies consumed during the year (a+b-c) | 600 | |
| (Amount in $) | ||
| Particulars | Debit | Credit |
| Supplies Expenses | 600 | |
| Supplies (Assets) | 600 |
Add Answer 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 $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
Regent Tax Services ofice supplies account balance on March I was 1400, the company purchased 675...
Regent Tax Services ofice supplies account balance on March I was 1400, the company purchased 675 of supplies during the one and a placcount of supplies on hand at the end of March indicated $1.250 und what is the mount of the adjusting entry for the supplies on March 31 Ο Ο Ο Ο Ο
Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical...
Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical count of the supplies showed $111 of unused supplies available. The required adjusting entry is: Multiple Choice () Debit Office Supplies $259 and credit Office Supplies Expense $259, Doha Debit Office Supplies Expense $111 and credit Office Supplies $111. 0 O Debit Office Supplies $111 and credit Supplies Expense $259. 0 Debit Office Supplies $111 and credit Office Supplies Expense $111 0 O Debit...
Prior to recording adjusting entries, the Office Supplies account had a $379 debit balance. A physical...
Prior to recording adjusting entries, the Office Supplies account had a $379 debit balance. A physical count of the supplies showed $104 of unused supplies available. The required adjusting entry is: 18 Multiple Choice polnts X 01:50:34 Debit Office Supplies Expense $104 and credit Office Supplies $104. Debit Office Supplies $104 and credit Office Supplies Expense $104 Debit Office Supplies $104 and credit Supplies Expense $275. Debit Office Supplies Expense $275 and credit Office Supplies $275. Debit Office Supplies $275...
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...
On December 31, the balance in the office supplies account is $1,385. A physical count shows...
On December 31, the balance in the office supplies account is $1,385. A physical count shows $435 worth of supplies on hand Prepare the adjusting entry for office supplies. If an amount box does not require an entry, leave it blank. Dec. 31
The balance in the office supplies account on January 1 was $6,671, the supplies purchased during...
The balance in the office supplies account on January 1 was $6,671, the supplies purchased during January were $3,811, and the supplies on hand on January 31 were $2,401. The amount to be used for the appropriate adjusting entry is a.$3,811 b.$8,081 c.$2,401 d.$12,883
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?
a. The Supplies account has a $600 debit balance to start the year. No supplies were...
a. The Supplies account has a $600 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $260 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 $1,550 debit balance to start the year....
Moore General Store purchased office supplies on account during the month of March for $5,000. Payment...
Moore General Store purchased office supplies on account during the month of March for $5,000. Payment for the supplies will be made in April. On March 1, the balance in the supplies account was $350. On March 31, supplies on hand amounted to $310. What was the amount of supplies used during March? Select one: a. $40 x b. $310 C. $4,690 d. $5,040 e. $5,350
Regent Tax Services ofice supplies account balance on March I was 1400, the company purchased 675 of supplies during the one and a placcount of supplies on hand at the end of March indicated $1.250 und what is the mount of the adjusting entry for the supplies on March 31 Ο Ο Ο Ο Ο
Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical count of the supplies showed $111 of unused supplies available. The required adjusting entry is: Multiple Choice () Debit Office Supplies $259 and credit Office Supplies Expense $259, Doha Debit Office Supplies Expense $111 and credit Office Supplies $111. 0 O Debit Office Supplies $111 and credit Supplies Expense $259. 0 Debit Office Supplies $111 and credit Office Supplies Expense $111 0 O Debit...
Prior to recording adjusting entries, the Office Supplies account had a $379 debit balance. A physical count of the supplies showed $104 of unused supplies available. The required adjusting entry is: 18 Multiple Choice polnts X 01:50:34 Debit Office Supplies Expense $104 and credit Office Supplies $104. Debit Office Supplies $104 and credit Office Supplies Expense $104 Debit Office Supplies $104 and credit Supplies Expense $275. Debit Office Supplies Expense $275 and credit Office Supplies $275. Debit Office Supplies $275...
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...
On December 31, the balance in the office supplies account is $1,385. A physical count shows $435 worth of supplies on hand Prepare the adjusting entry for office supplies. If an amount box does not require an entry, leave it blank. Dec. 31
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?
a. The Supplies account has a $600 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $260 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 $1,550 debit balance to start the year....
Moore General Store purchased office supplies on account during the month of March for $5,000. Payment for the supplies will be made in April. On March 1, the balance in the supplies account was $350. On March 31, supplies on hand amounted to $310. What was the amount of supplies used during March? Select one: a. $40 x b. $310 C. $4,690 d. $5,040 e. $5,350
Most questions answered within 3 hours.
-
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 16 minutes ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 15 minutes ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 16 minutes ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 34 minutes ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 55 minutes ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 42 minutes ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 47 minutes ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 1 hour ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 48 minutes ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 1 hour ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 1 hour ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 1 hour ago