On December 31, Jacoby Company received a $385 bill for the purchase of supplies in December that it will not pay for until January 15. Jacoby follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry needed on December 31 to accrue this cost is:
A. Debit Accounts Payable $385; credit Cash $385.
B. Debit Accounts Payable $385; credit Supplies $385.
C. Debit Supplies $385; credit Accounts Payable $385.
D. Debit Supplies Expense $385; credit Cash $385.
E. Debit Supplies Expense $385; credit Supplies $385.
Answer: C
You might also like to view...
What is the difference between slice-of-life and dramatization executions?
What will be an ideal response?
The Children's Advertising Review Unit of the Council of Better Business Bureaus (CBBB) operates very similar to the National Advertising Division of the CBBB in terms of handling complaints
Indicate whether the statement is true or false
With respect to processing efficiency, the less code that has to be processed, the faster the program runs.
Answer the following statement true (T) or false (F)
The ________ is regarded by many as the United States' most influential piece of environmental legislation
A) National Environmental Policy Act of 1970 B) Pollution Prevention Act of 1990 C) National Emissions Standards Act of 1965 D) Environmental Quality Improvement Act of 1970