QUESTION 13 At August 1, 2020, the balance in ABC Corporation's supplies account was $3,600. During the month, the company purchased supplies of $9,000 and recorded supplies expense of $7,600. At the end of August, the balance in the 5upplies account should be O a. $5,000 credit. O b. $2,000 debit. Oc. $2,000 credit. O d.$5,000 debit. QUESTION 14 ABC Corporation reported the following information for 2020:
QUESTION 13 At August 1, 2020, the balance in ABC Corporation's supplies account was $3,600. During the month, the company purchased supplies of $9,000 and recorded supplies expense of $7,600. At the end of August, the balance in the 5upplies account should be O a. $5,000 credit. O b. $2,000 debit. Oc. $2,000 credit. O d.$5,000 debit. QUESTION 14 ABC Corporation reported the following information for 2020:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 13?
Transcribed Image Text:poration's accumulated depreciation account for this equipment at February 28, 2021?
ABC Corporation records depreciation expense for the equipment at the rate
294000
QUESTION 13
At August 1, 2020, the balance in ABC Corporation's supplies account was $3,600. During the month, the company purchased supplies of $9,000 and recorded
supplies expense of $7,600. At the end of August, the balance in the 5upplies account should be
O a. $5,000 credit.
O b. $2,000 debit.
Oc. $2,000 credit.
O d. $5,000 debit.
QUESTION 14
ABC Corporation reported the following information for 2020:
Beginning
Retained Earnings
$11,600
Revenues
$22,600
Expenses
???
Dividends
$5,500
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Expert Solution
Step 1
Normally supplies is an current asset. And it usually have an debit balance.
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