4. A company had supplies worth P15,000 in its unadjusted trial balance at the end of the year which was included under assets and supplies on hand were P2,000, the adjusting entry would contain a * debit to Supplies for P2,000 debit to Supplies Expense for P13,000 credit to Supplies for P2.000 O credit to Supplies Expense for P13,000

4. A company had supplies worth P15,000 in its unadjusted trial balance at the end of the year which was included under assets and supplies on hand were P2,000, the adjusting entry would contain a * debit to Supplies for P2,000 debit to Supplies Expense for P13,000 credit to Supplies for P2.000 O credit to Supplies Expense for P13,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

4. A company had supplies worth P15,000 in its unadjusted trial balance at the end of the year
which was included under assets and supplies on hand were P2,000, the adjusting entry would
contain a *
debit to Supplies for P2,000
debit to Supplies Expense for P13,000
credit to Supplies for P2,000
credit to Supplies Expense for P13,000

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