Answered: 7 Supplies had a beginning balance of…

Name: period.3) Supplies had a beginning balance of $4.500. Duringthe perio
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Description: period.3) Supplies had a beginning balance of $4.500. Duringthe period, $1500 of Supplies were purchased. Theending balance in supplies was $ 2.800. What isthe adjusting entry for Supplies used during ther19720my sontAtJOUB?RICCOHCOCES2apad shall 24

Business

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7 Supplies had a beginning balance of $4.500. During the period, $15.00 of Supplies were purchased. The ending balance in Suppines was $2,800. What is the adjusting entry for Supplies used during the

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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A physical count of supplies on hand at the end of May for Masters, Inc. Indicated $1,257 of supplies on hand. The general ledger balance before any adjustment is $2,170. What is the adjusting entry for supplies that should be recorded on May 31? Multiple Choice O O O O O Debit Supplies Expense $1257 and credit Supplies $1257. Debit Supplies Expense $913 and credit Supplies $913. Debit Prepaid Supplies $913 and credit Supplies Expense $913. Debit Supplies Expense $1257 and credit Supplies $2170. Debit Supplies $1257 and credit Cash $1257.
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