Wiley Consulting purchased $7,000 worth of supplies and paid cash immediately. Which of the following general journal entries will Wiley Consulting make to record this transaction? Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.

A.

Cash7,000 
Supplies 7,000

B.
Supplies7,000 
Accounts Payable 7,000

C.
Supplies Expense7,000 
Accounts Payable 7,000

D.
Accounts Payable7,000 
Supplies 7,000

E.
Supplies7,000 
Cash 7,000


Answer: E

Business

You might also like to view...

A(n) ______________________________ file is one that is reviewed on a current and regular basis for the purpose of taking action to clear the items from that file

Fill in the blank(s) with correct word

Business

Immanuel Kant was a German philosopher who was a proponent of utilitarian ethics

a. True b. False Indicate whether the statement is true or false

Business

On behalf of Bobble Head Manufacturing Company, Carmela types her name at the bottom of an e-mail purchase order and submits the order to Designer Parts Company. Under the UETA, Carmela's typed name qualifies as

a. a "signature.". b. a statement of future intent. c. an assignment. d. a preliminary negotiation.

Business

Which is not a good method for preventing legal complications when you must lay off or fire employees?

A. Document your reasons for firing employees to prove that they did not perform their duties correctly. B. Have employees sign an agreement when they're hired saying they will not sue if they are ever laid off. C. Provide severance, which is continued salary for a limited time, and make serious efforts to help laid-off employees find a new job. D. Have appropriate employees sign a no-compete agreement.

Business