Question 1

The adjusting entry necessary to record the supplies expense would result in a:

Accepted Answer

A)  $700 increase in assets and liabilities. 
B)  $700 decrease in assets and equity. 
C)  $475 decrease in assets and equity. 
D)  $475 increase in assets and liabilities. 
A)  $700 increase in assets and liabilities. 
B)  $700 decrease in assets and equity. 
C)  $475 decrease in assets and equity. 
D)  $475 increase in assets and liabilities.

Question 2

An accrual may involve an adjusting entry between an expense and a liability.

Accepted Answer

A) True 
 B)False

Question 3

What is the purpose of adjusting entries?

Accepted Answer

An adjusting entry is an entry

The adjusting entry necessary to record the supplies expense would result in a:

An accrual may involve an adjusting entry between an expense and a liability.

What is the purpose of adjusting entries?

An Introduction to Accounting

Accounting for Merchandising Businesses

Internal Controls,accounting for Cash,and Ethics

Accounting for Receivables and Inventory Cost Flow

Accounting for Long-Term Operational Assets

Accounting for Liabilities

Proprietorships, partnerships, and Corporations

Filters

Exam 2: Understanding the Accounting Cycle

The adjusting entry necessary to record the supplies expense would result in a:

An accrual may involve an adjusting entry between an expense and a liability.

What is the purpose of adjusting entries?

An Introduction to Accounting

Accounting for Merchandising Businesses

Internal Controls,accounting for Cash,and Ethics

Accounting for Receivables and Inventory Cost Flow

Accounting for Long-Term Operational Assets

Accounting for Liabilities

Proprietorships, partnerships, and Corporations

Filters