Homework Answers
Answer:
| To beginning balance | $5200 | By expenses(balance) | $4700. |
| To purchases | $2500 | By ending balance | $3000 |
| Total | $7700 | Total | $7700 |
Hence adjusting entry would be:
Supplies expense a/c..Dr$4700
To Supplies $4700(D).
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Question 6 (1 point) ✓ Saved The balance in the supplies account on June 1 was...
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.
Question 18 The balance in the supplies account on June 1 was $5370, supplies purchased during...
Question 18 The balance in the supplies account on June 1 was $5370, supplies purchased during June were $3540, and the supplies on hand at June 30 were $3090. The amount to be used for the appropriate adjusting entry is O $6630. O $3540. $5820. O $12000. Question 26 The following items are taken from the financial statements of the Novak Service for the year ending December 31, 2018: Accounts payable $ 17800 Accounts receivable 11000 Accumulated depreciation - equipment...
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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 $5. 00 sulis purchased during June...
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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.
2. On June 1, during its first month of operations, Crooked Rain purchased supplies for $4,500...
2. On June 1, during its first month of operations, Crooked Rain purchased supplies for $4,500 and debited the supplies account for that amount. At June 30, an inventory of supplies showed $1,000 of supplies on hand. What adjusting journal entry should be made for June?
Yellow's accounting policy related to supplies is to Debit all purchases of supplies to the Supplies...
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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....
Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of...
Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $9,000. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,575. If an amount box does not require an entry, leave it blank. Determining Supplies Purchased The supplies and supplies expense accounts at December 31, after adjusting entries have been posted at the end of the first year of operations, are...
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.
Question 18 The balance in the supplies account on June 1 was $5370, supplies purchased during June were $3540, and the supplies on hand at June 30 were $3090. The amount to be used for the appropriate adjusting entry is O $6630. O $3540. $5820. O $12000. Question 26 The following items are taken from the financial statements of the Novak Service for the year ending December 31, 2018: Accounts payable $ 17800 Accounts receivable 11000 Accumulated depreciation - equipment...
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...
If Bojana Tax Services' office supplies account balance on March 1 was $1,550, the company purchased $700 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $1,650 unused, what is the amount of the adjusting entry for office supplies on March 31? Multiple Choice $2,500 $2,250 O O $700 $600 O $1,550 O
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.
2. On June 1, during its first month of operations, Crooked Rain purchased supplies for $4,500 and debited the supplies account for that amount. At June 30, an inventory of supplies showed $1,000 of supplies on hand. What adjusting journal entry should be made for June?
Yellow's accounting policy related to supplies is to Debit all purchases of supplies to the Supplies account (an asset account). The following two purchases of supplies were made during the month of June of 2020: • June 10 purchased $9,700 • June 18 purchased $11,100 Other than the above two purchases - there were no other entries made to the Supplies account during June of 2020. On June 1, 2020 the beginning balance in Yellow's Supplies account was $8,000. On...
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Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $9,000. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,575. If an amount box does not require an entry, leave it blank. Determining Supplies Purchased The supplies and supplies expense accounts at December 31, after adjusting entries have been posted at the end of the first year of operations, are...
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