Multiple Choice
The balance in the office supplies account on January 1 was $7,000,supplies purchased during January were $3,000,and the supplies on hand at January 30 were $2,000.The amount to be used for the appropriate adjusting entry is
A) $4,300
B) $12,000
C) $5,000
D) $8,000
Correct Answer:
Verified
Correct Answer:
Verified
Q5: The financial statements are prepared from the
Q10: The systematic allocation of land's cost to
Q80: Adjusting entries affect only expense and asset
Q87: What effect will this adjusting journal entry
Q94: What effect will this adjustment have on
Q95: Data for an adjusting entry described as
Q104: The balance in the supplies account before
Q124: Accumulated depreciation is reported on the income
Q154: Explain the difference between accrual basis accounting
Q174: Gracie, Inc. made a prepaid rent payment