Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is:
A. Debit Office Supplies $105 and credit Supplies Expense $254.
B. Debit Office Supplies Expense $254 and credit Office Supplies $254.
C. Debit Office Supplies $105 and credit Office Supplies Expense $105.
D. Debit Office Supplies $254 and credit Office Supplies Expense $254.
E. Debit Office Supplies Expense $105 and credit Office Supplies $105.
Answer: B
You might also like to view...
The ethical cycle is concluded by _______________.
a. The analysis of the moral problem b. The identification of the moral problem c. Ethical judgment d. Reflection
Employee referrals provide a rich source of good applicants for many small firms.
Answer the following statement true (T) or false (F)
Malibu Corporation provided the following information for the year
Beginning Balance-Work-in-Process Inventory $26,000 Ending Balance-Work-in-Process Inventory 55,000 Beginning Balance-Raw Materials Inventory 81,000 Ending Balance-Raw Materials Inventory 59,000 Purchases-Raw Materials 360,000 Direct Labor 471,000 Indirect Labor 19,000 Depreciation on Factory Plant and Equipment 24,000 Plant Utilities and Insurance 268,000 What was the amount of the cost of goods manufactured for the year? A) $1,363,000 B) $1,164,000 C) $1,135,000 D) $1,193,000
Fact Pattern 41-1BShrimp Boat Company decides to consolidate its operations with Trawlers, Inc., to form Coastal Fishers Corporation (CFC).Refer to Fact Pattern 41-1B. Trawlers owed money to View Harbor Storage and other creditors. After the consolidation, CFC must pay
A. all of Trawlers' debts. B. half of Trawlers' debts. C. none of Trawlers' debts. D. only debts that Trawlers incurred after consolidation was proposed.