A company usually determines the amount of supplies used during a period by taking the difference...

Question

Question

A company usually determines the amount of supplies used during a period by

taking the difference between the balance of the Supplies account and the cost of supplies on hand.

summing the amount of supplies purchased during the period.

adding the supplies on hand to the balance of the Supplies account.

taking the difference between the supplies purchased and the supplies paid for during the period.

Answer 1

Answer #1

Option A

taking the difference between the balance of the Supplies account and the cost of supplies on hand.

Supplies used = Balance in supplies account - Cost of supplies available

Comment if you face any issues

Answer 2

Similar Homework Help Questions

The supplies account had a beginning balance of $1,504. Supplies purchased during the period totaled $3,934....

The supplies account had a beginning balance of $1,504. Supplies purchased during the period totaled $3,934. At the end of the period before adjustment, $529 of supplies were on hand. Prepare the adjusting entry for supplies. If an amount box does not require an entry, leave it blank.
The supplies account had a beginning balance of $1,948. Supplies purchased during the period totaled $4,593....

The supplies account had a beginning balance of $1,948. Supplies purchased during the period totaled $4,593. At the end of the period before adjustment, $255 of supplies were on hand. Prepare the adjusting entry for supplies. If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Supplies Supplies Expense
In the adjusting entry to record using up supplies, the credit is to what account and for what amount?

In the adjusting entry to record using up supplies, the credit is to what account and for what amount? A) credit supplies expense for the amount of supplies on hand at the end of the period B) credit the supplies account for the amount of supplies used up during the period C) credit the supplies account for the amount of supplies on hand at the end of the period D) credit supplies expense for the amount of supplies used up during the period

Missing Amount from an Account On August 1, the supplies account balance was $1,195. During August,...

Missing Amount from an Account On August 1, the supplies account balance was $1,195. During August, supplies of $3,340 were purchased, and $1,512 of supplies were on hand as of August 31. Determine supplies expense for August.
GreenSource Company began the period with $330 in supplies. During the month, an additional $1,500 of...

GreenSource Company began the period with $330 in supplies. During the month, an additional $1,500 of supplies were purchased. A physical inventory at the end of the period revealed that there were $585 of supplies on hand. The adjusting entry should include a O credit to Supplies for $1.245.
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost...

a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....

The balance in the supplies account on June 1 was $5. 00 sulis purchased during June...

The balance in the supplies account on June 1 was $5. 00 sulis purchased during June were $3,000, and the supplies on hand at June 30 were $3.500. The amount to be used for the appropriate adjusting entry a $4.000 b $4.500 c 58.500 d. $11,500. 10. 96 Depreciation expense for a period is the a original cost of an asset accumulated depreciation b. book value of the asset useful life. c. portion of an asser's cost that expired during...
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
The balance in the supplies account on June 1 was $5270, supplies purchased during June were...

The balance in the supplies account on June 1 was $5270, supplies purchased during June were $3630, and the supplies on hand at June 30 were $3120. The amount to be used for the appropriate adjusting entry is O $6750. O $5780. O $12020 O $3630.

The company has a Supplies account balance of $200 on January 1. During the year, the...

The company has a Supplies account balance of $200 on January 1. During the year, the company purchased $1,500 of supplies. As of December 31, a count revealed that there were $500 of supplies on hand. Complete the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 Record the supplies used during the year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31