The Unadjusted Trial Balance columns of a company's work sheet shows the Store Supplies account with a balance of $415. The Adjustments columns show a credit of $230 for supplies used during the period. The amount shown as Store Supplies in the Balance Sheet columns of the work sheet is: A. $185 debit. B. $185 credit. C. $230 debit. D. $415 debit. E. $415 credit

The Unadjusted Trial Balance columns of a company's work sheet shows the Store Supplies account with a balance of $415. The Adjustments columns show a credit of $230 for supplies used during the period. The amount shown as Store Supplies in the Balance Sheet columns of the work sheet is: A. $185 debit. B. $185 credit. C. $230 debit. D. $415 debit. E. $415 credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Rapid Delivery Services Prepaid Insurance account had an unadjusted normal balance of $ 5,400, andan adjustment was crediting the account for $950; the account would appear on the worksheet as a(an):a. $4,450 debit balance in the Balance Sheet columns.b. $950 credit balance in the Income Statement columns.c. $4,450 credit balance in the Adjusted Trial Balance columns.d. $950 credit balance in the Balance Sheet columns.e. $4,450 debit balance in the Income Statement columns.
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Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is: a. Debit Office Supplies $254 and credit Office Supplies Expense $254. b. Debit Office Supplies $105 and credit Office Supplies Expense $105. c. Debit Office Supplies Expense $254 and credit Office Supplies $254. d. Debit Office Supplies Expense $105 and credit Office Supplies $105.
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On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the work sheet. Analyze the adjustment information given here into debit and credit parts. Record the adjustments on the work sheet. Total the Adjustments columns. Adjustment Information June 30 Supplies on hand $188.00 Value of prepaid insurance 540.00 WORK SHEET For Month Ended June 30, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 8,715.00 1 2 Petty Cash 75.00 2 3 Accounts Receivable-Raymond O’Neil 642.00 3 4 Supplies 518.00 4 5 Prepaid Insurance 675.00 5 6 Accounts Payable-Western Supply 268.00 6 7 Akbar…
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7. The trial balance of Terry Manning Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. TERRY MANNING FASHION CENTER Cash Accounts Receivable Merchandise Inventory Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Notes Payable Accounts Payable Terry Manning, Capital Terry Manning, Drawing Sales Sales Returns and Allowances Cost of Goods Sold Salaries Expense Advertising Expense Utilities Expense Repair Expense Delivery Expense Trial Balance November 30, 2020 Rent Expense Totals Debit $ 28,700 30,700 44,700 6,200 85,000 48,000 Page 3 of 4 12,000 8,800 497,400 140,000 24,400 14,000 12,100 16,700 24,000 $992,700 (iii) Interest of $4,080 is accrued on notes payable at November 30. (iv) Merchandise inventory actually on hand is $44,400. Credit $ 22,000 6,000 51,000 48,500 110,000 755,200 Adjustment data: (i) Store supplies on hand totaled $2,500. (ii)…
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