Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed OMR1,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be Select one: a. Debit Office Supplies Expense, OMR1,000; Credit Office Supplies, OMR1,000. O b. Debit Office Supplies, OMR1,600; Credit Office Supplies Expense, OMR1,600. Oc. Debit Office Supplies Expense, OMR1,000: Credit Office Supplies OMB1000

Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed OMR1,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be Select one: a. Debit Office Supplies Expense, OMR1,000; Credit Office Supplies, OMR1,000. O b. Debit Office Supplies, OMR1,600; Credit Office Supplies Expense, OMR1,600. Oc. Debit Office Supplies Expense, OMR1,000: Credit Office Supplies OMB1000

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1CP

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The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.
The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.
The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737
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