Use this information pertaining to Tucson Company to answer the following question. 1. The corporation's Supplies account showed a beginning debit balance of $400 and supplies purchased of $1,600. There were $600 of supplies on hand at year end. 2.Depreciation on a building is estimated to be $10,000. 3.A one-year insurance policy was purchased for $4,800. Five months have passed since the
purchase. 4.Accrued interest on a note receivable amounted to $200. 5.The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-third of the services had been performed. The adjusting entry for Supplies is
A) Supplies Expense 1,400 Supplies 1,400
B) Supplies Expense 1,600 Supplies 1,600
C) Supplies 1,400 Supplies Expense 1,400
D) Supplies Expense 600 Supplies 600
A
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(AO?) stands for the probing comment "any other reason."
Indicate whether the statement is true or false
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