Answer:
Statement of Supplies account
Amount($) |
|
Beginning |
700 |
Add: Purchases |
2000 |
Total supplies |
2700 |
Less: Paid during the year |
1600 |
Ending balance |
1100 |
Actual supplies on hand |
900 |
Difference is supplies expenses |
200 |
- $1100 of supplies: $200 of supplies expenses
Sheldon Company began Year 1 with $700 in its supplies account. During the year, the company...
Sheldon Company began Year 1 with $2,400 in its supplies account. During the year, the company purchased $7,100 of supplies on account. The company paid $3,300 on accounts payable by year end. At the end of Year 1. Sheldon counted $4,300 of supplies on hand. Sheldon's financial statements for Year 1 would show: Multiple Choice nt $6,200 of supplies, $1,900 of supplies expense $4,300 of supplies: $2,800 of supplies expense $4,300 of supplies; $5,200 of supplies expense $6,200 of supplies:...
7. Sheldon Company began Year 1 with $1500 in its supplies account. During the year, the company purchased $4400 of supplies on account. The company paid $2400 on accounts payable by year end. At the end of Year 1, Sheldon counted $2500 of supplies on hand. Sheldon's financial statements for Year 1 would show: A) $2500 of supplies; $1900 of supplies expense B) $3500 of supplies; $4400 of supplies expense C) $2500 of supplies; $3400 of supplies expense D) $3500...
Sheldon Company began Year 1 with $1,200 in its supplies account. During the year, the company purchased $3,400 of supplies on account. The company paid $3,000 on accounts payable by year end. At the end of Year 1, Sheldon counted $1.400 of supplies on hand. Sheldon's financial statements for Year 1 would show: Edit Insert Format Tools Table 12pt Paragraph Β Ι Ο Α 2ν τον 1
On January 1 Year 2, the Supplies account of Sheldon Company had a balance of $1500. During the year, the company purchased $3,200 of supplies on account and made partial payments totaling $2,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1700 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice C S 0700 of supplies $1500 of supplies expense C $2.300 of suples 5600...
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies: $200 of supplies expense $1,400 of supplies: $2,000 of supplies expense...
AZ Plumbing Co began 2019 with $500 in its supplies account. During the year the company purchased an additional $2,500 of supplies on account. On December 31, 2019, AZ Plumbing counted $200 of supplies on hand. AZ Plumbing's financial statements for 2019 would show: a) $2,800 of supplies on balance sheet, $200 of supplies expense on income statement b) $700 of supplies on balance sheet, $3,200 of supplies expense on income statement c) $3,200 of supplies on balance sheet, $200...
A company started the year with 5600 of supplies. During the year the company parchased an additional $1,300 of supplies There were $900 of supples on hand at the end of the year An adusting enty prepared at the end of the accounting period includes a OA. debit to Supplies for $700. O B debit to Supplies Expense for $300 C. debit to Supplies for $900 ○ D. debit to Supplies Expense for $1,000
1. Ashton Company began the year with a zero balance in its Supplies General Ledger account. During the year, Able Company purchased $39,600 of supplies. At the end of the year,a physical count of the supplies showed $1,760 of supplies remained on hand. Make the adjusting entry to the Supplies and Supplies Expense accounts for the year. Enter the date, account and debit and credit amount. Be sure to indent the credit line. 2. July 31, 2016, the end of...
Microchip began the year with $3,200 in its asset account, supplies. During the year, $7,700 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,850 remain on hand. Note: Enter debits before credits. Transaction General Journal Debit Credit 6
1) The supplies account has a balance of $3,000 at the beginning of the year and was debited during the year for $1,400, representing the total of supplies purchased during the year. If $800 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is ______________? 2) ABC, Inc. Made a Prepaid Rent payment of $4,000 on January 1st. The company's monthly rent is $800. The...