On March 1st, Blue Coast Company purchased $2,400 worth of supplies on account. On December 31st, the fiscal year-end for Blue Coast, it is determined that $1,500 of supplies still remain. What is the balance in the supplies account after adjustment? a. $900 b. $1,500 c. $2,400 d. $2,100

On March 1st, Blue Coast Company purchased $2,400 worth of supplies on account. On December 31st, the fiscal year-end for Blue Coast, it is determined that $1,500 of supplies still remain. What is the balance in the supplies account after adjustment? a. $900 b. $1,500 c. $2,400 d. $2,100

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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Wiset Company completes these transactions during April of the current year (the terms of all Its credit sales are 2/10, n/30). Apr. 2 Purchased $14, 200 of nerchandise on credit from Noth Company, terms 2/10, n/68. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,200 (cost is $3,700). 3 (b) Purchased $1,410 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $915. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $10,000 (cost is $7,2e8). Returned $70 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that anount. Purchased $10,510 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,600 (cost is $7,1e8). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $284. 4 5 6 11 12 13 (a) Received payment from Page Alistair for the…
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