What is the value of office supplies A business purchased officesupplies for $750 and used $520worth during the accountingperiod. What is the value of officesupplies that should appear onthe balance sheet at the end ofthe period?

Explanation of Office Supplies:Office supplies are items used in the daily operations of a business,…

Answered: A business purchased office supplies…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 9EB: Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance....

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Similar questions

Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
A company makes an accrued revenue adjusting entry for $900 and an accrued expense adjusting entry for $700. How much was net income understated prior to these entries? Explain.
How are revenues and expenses reported on the income statement under (a) the cash basis of accounting and (b) the accrual basis of accounting? Explain the purpose of the accounts Depreciation Expense and Accumulated Depreciation. Is it customary for the balances of the two accounts to be equal? (c) In what financial statements, if any, will each account appear? Why are adjustments needed at the end of an accounting period? Employees performed services in 20Y8, but the wages were not paid until 20Y9. During which year would the wages expense be reported on the income statement under (a) the cash basis? (b) the accrual basis?
The following selected accounts and their current balances appear in the ledger of Maroon Co. for the fiscal year ended December 31, 2019. Accounts Payable 32,480 LT Note Payable 44,800 Misc. Administrative Accounts Receivable 96,800 1,280 Expense Misc. Selling Expense Office Equipment Office Salaries Expense Office Supplies Office Supplies Expense Paid-in Capital Prepaid Insurance Rent Expense Retained Earnings Accum Depr - Office Equip Accum Depr- Store Equip Advertising Expense 10,240 1,280 27,360 68,000 35,040 67,320 Cash 123,000 4,480 Common Stock 75,000 1,040 Cost of Goods Sold 620,000 52,000 Customer refunds Payable Depr Expense - Office Equip Depr Expense - Store Equip 12,000 2,720 25,080 301,600 1,920 992,000 10,160 5,120 Dividends 28,000 Salaries Payable Insurance Expense 3,120 Sales Sales salaries Expense 138,560 Interest Expense Inventory 4,000 140,000 Store Equipment 122,400 Maroon Co. has 10,000 shares of common stock authorized and 7,500 shares issued and outstanding…
If a business had a net loss for the year, where would the net loss be reported on the worksheet?
ABC Company's accounting records reported the following account balances as of December 31, 2026: Supplies ... Interest revenue ▪▪▪▪.. Patent Income tax expense Retained earnings Equipment .. Accounts payable Salaries expense ▪▪▪▪▪▪▪ Sales revenue Cash . Land Notes payable Inventory Common stock Accounts receivable Dividends .….….. Salaries payable Cost of goods sold Utilities expense Trademark Rent revenue III II II. ■ ■ $11,000 $46,000 $58,000 $22,000 $86,000 (at Jan. 1, 2026) $37,000 $29,000 $31,000 $88,000 $21,000 $54,000 $70,000 $49,000 $97,000 $33,000 $16,000 ? $53,000 $25,000 $75,000 $26,000 Calculate the amount of gross profit reported in ABC Company's 2026 income statement.
Subjecte : - Accounting
Show effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting. Revenue recognized Accounts receivable Expenses incurred Accounts payable (related to expenses) Supplies purchased with cash $11400 $16800 $14100 $14640 $22800 3600 8700 900 2160
Show all calculation notes a. Prepare the adjusting entry to account for the depreciation of the company's building and fixtures during December b. Prepare the adjusting entry to report the portion of unearned customer deposits that were earned during December c. Prepare the adjusting entry to account for income tax expense that accrued during December
If a company is using accrual basis accounting, when should it record revenue? A. when cash is received, even though services may be performed at a later date B. before services are performed C. when services are performed, even though cash may be received at a later date D. when cash is received, 30 days after the completion of the services

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A business purchased office supplies for $750 and used $520 worth during the accounting period. What is the value of office supplies that should appear on the balance sheet at the end of the period?