On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. On December 31st, the fiscal year-end for Green Pea, it is determined that $700 dollars of supplies still remain. What is the balance in the supplies account after adjustment? a. $600 b. $700 c. $500 d. $1,200
On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. On December 31st, the fiscal year-end for Green Pea, it is determined that $700 dollars of supplies still remain. What is the balance in the supplies account after adjustment? a. $600 b. $700 c. $500 d. $1,200
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...
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![On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies
on account. On December 31st, the fiscal year-end for Green
Pea, it is determined that $700 dollars of supplies still remain.
What is the balance in the supplies account after adjustment?
a. $600
b. $700
c. $500
d. $1,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbd8749c7-c649-4053-8f31-7332066f7a87%2F2b378de4-0421-47e0-97e4-dba439e1f2bb%2Ffsq4iaf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies
on account. On December 31st, the fiscal year-end for Green
Pea, it is determined that $700 dollars of supplies still remain.
What is the balance in the supplies account after adjustment?
a. $600
b. $700
c. $500
d. $1,200
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