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...
icon
Related questions
Question

Provide this question solution general accounting

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
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
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College