Homework Answers
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
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Sheldon Company began Year 1 with $700 in its supplies account. During the year, the company...
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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:...
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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...
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....
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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...
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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
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1) The supplies account has a balance of $3,000 at the beginning of the year and...
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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...
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
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
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