The balance in Carlos Company's supplies account on December 31 is $3,000 . If the supplies used during the year were $750, what is the entry to adjust the supplies account at the end of the year?
a. debit to Supplies Expense, $750; credit to Supplies, $750
b. debit to Supplies, $2,250; credit to Supplies Expense, $2,250
c. debit to Supplies Expense, $750; credit to Accounts Payable, $750
d. debit to Supplies, $250; credit to Supplies Expense, $250
a
You might also like to view...
Which statement is true concerning operating assets?
a. Operating assets have no physical properties. b. A company's operating assets are important to its short-term liquidity. c. Operating assets are used over two or more periods to generate revenues. d. All operating assets are reported on the balance sheet
Three elements that comprise character are ______.
a. passion, drive, and perseverance b. integrity, authenticity, and internal accountability c. passion, authenticity, and perseverance d. integrity, authenticity, and an external locus of control
In general, the accuracy rate of spelling and grammar checkers is 50 percent or less
Indicate whether the statement is true or false
In the process of completing a work sheet, the accountant determines that the Income Statement debit column totals $83,000, while the Income Statement credit column totals $65,000. To enter net income (or net loss) for the period into the work sheet would require an entry to
A. the Balance Sheet & Statement of Retained Earnings debit column and the Income Statement credit column. B. the Income Statement debit column and the Balance Sheet & Statement of Retained Earnings credit column. C. it is not practical to enter Net Income (or Net Loss) on the work sheet. D. the Unadjusted Trial Balance debit column and the Adjustments credit column. E. the Adjustments debit column and the Adjustments credit column.