Homework Answers
Beginning balance of supplies = 1200
Supplies purchase = 1400+2200 = 3600
Ending balance of supplies = 800
Supplies expense = 1200+3600-800 = 4000
So answer is d) Supplies expense of $4000 on the income statement
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D | Question 18 2 pts The balance of Barkley Co's supplies account was $1,200 at...
1) The supplies account has a balance of $3,000 at the beginning of the year and...
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...
On Dec 31, a count of the supplies account indicates a balance of $ 1,200. At...
On Dec 31, a count of the supplies account indicates a balance of $ 1,200. At Dec 1, the supplies account had a balance of $2,000. What statement is correct with regard to the applicable adjusting journal entry? Supplies is debited for $ 1,200 Supplies is credited for $ 1,200 Supplies is debited for $ 800 Supplies is credited for $ 800
red The unadjusted trial balance of XY Ltd shows a $2,200 balance for the office supplies...
red The unadjusted trial balance of XY Ltd shows a $2,200 balance for the office supplies account. At the end of the period, the office manager determines that the value of supplies on hand is $800. Which of the following is the required adjusting entry? on Select one: A. Supplies Expense Supplies Payable 800 800 B. Supplies Expense Office Supplies 1,400 1,400 800 Supplies Expense Office Supplies 800 D Supplies Expense Supplies Payable 1,400 1,400 Which of the following journal...
Office Supplies had a beginning balance of $8,000. During the month, purchases of office supplies totaling...
Office Supplies had a beginning balance of $8,000. During the month, purchases of office supplies totaling $2,000 were added to the Office Supplies account. If $3,000 worth of office supplies is still on hand at month-end, what is the proper adjustment? Select one: BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS - LIABILITIES EQUITY REVENUE EXPENSE Office Supplies Office Supplies Expense +3.000 +3.000 -3,000 Ob INCOME STATEMENT BALANCE SHEET STOCKHOLDER'S - LIABILITIES EQUITY ASSETS Office Supplies 3.000 REVENUE - EXPENSE Office Supplies...
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200....
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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Jesper Co. Had a beginning Supplies balance of 3,700. Purchases throughout the year totaled 16,500. A physical count of the inventory at the end of the accounting period revealed 1,400 on hand. What is Jesper's Cost of Goods Sold (COGS)? 0 20,200 O 18,800 O 16,500 O 14,200
Pizza Express Inc. began the Year 2 accounting period with $2,500 cash, $1,400 of common stock,...
Pizza Express Inc.
began the Year 2 accounting period with $2,500 cash, $1,400 of
common stock, and $1,100 of retained earnings. Pizza Express was
affected by the following accounting events during Year
2:
Purchased $3,600 of supplies on account.
Earned and collected $12,300 of cash revenue.
Paid $2,700 cash on accounts payable.
Adjusted the records to reflect the use of supplies. A physical
count indicated that $250 of supplies was still on hand on December
31, Year 2.
Required
a....
Pizza Express Inc. began the Year 2 accounting period with $2,500 cash $1,400 of common stock,...
Pizza Express Inc. began the Year 2 accounting period with $2,500 cash $1,400 of common stock, and $1,100 of retained earnings, Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $3,600 of supplies on account. 2. Earned and collected $12,300 of cash revenue. 3. Paid $2,700 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $250 of supplies was still on hand on December 31,...
Pizza Express Inc. began the Year 2 accounting period with $2,500 cash, $1,400 of common stock,...
Pizza Express Inc. began the Year 2 accounting period with $2,500 cash, $1,400 of common stock, and $1,100 of retained earnings. Pizza Express was affected by the following accounting events during Year 2. Purchased $3,600 of supplies on account. Earned and collected $12,300 of cash revenue. Paid $2,700 cash on accounts payable. Adjusted the records to reflect the use of supplies. A physical count indicated that $250 of supplies was still on hand on December 31, Year 2. How much...
Exercise 4-01 The trial balance columns of the worksheet for Ivanhoe Company at June 30, 2020,...
Exercise 4-01 The trial balance columns of the worksheet for Ivanhoe Company at June 30, 2020, are as follows. Dr. Ivanhoe Company Worksheet For the Month Ended June 30, 2020 Trial Balance Account Titles Cr. Cash 2,200 Accounts Receivable 2,700 Supplies 2,000 Accounts Payable 1,000 Unearned Service Revenue 420 Owner's Capital 2,780 Service Revenue 3,600 Salaries and Wages Expense 660 Miscellaneous Expense 240 Total 7,800 7,800 Other data: 1. A physical count reveals $400 of supplies on hand. 2. $120...
red The unadjusted trial balance of XY Ltd shows a $2,200 balance for the office supplies account. At the end of the period, the office manager determines that the value of supplies on hand is $800. Which of the following is the required adjusting entry? on Select one: A. Supplies Expense Supplies Payable 800 800 B. Supplies Expense Office Supplies 1,400 1,400 800 Supplies Expense Office Supplies 800 D Supplies Expense Supplies Payable 1,400 1,400 Which of the following journal...
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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...
Jesper Co. Had a beginning Supplies balance of 3,700. Purchases throughout the year totaled 16,500. A physical count of the inventory at the end of the accounting period revealed 1,400 on hand. What is Jesper's Cost of Goods Sold (COGS)? 0 20,200 O 18,800 O 16,500 O 14,200
Pizza Express Inc.
began the Year 2 accounting period with $2,500 cash, $1,400 of
common stock, and $1,100 of retained earnings. Pizza Express was
affected by the following accounting events during Year
2:
Purchased $3,600 of supplies on account.
Earned and collected $12,300 of cash revenue.
Paid $2,700 cash on accounts payable.
Adjusted the records to reflect the use of supplies. A physical
count indicated that $250 of supplies was still on hand on December
31, Year 2.
Required
a....
Pizza Express Inc. began the Year 2 accounting period with $2,500 cash $1,400 of common stock, and $1,100 of retained earnings, Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $3,600 of supplies on account. 2. Earned and collected $12,300 of cash revenue. 3. Paid $2,700 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $250 of supplies was still on hand on December 31,...
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