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Upon review of records and supporting documents for Wilhelm Company, the following data related to supplies was obtained: as of the 01/01/20, supplies on hand were $10,200, and throughout the year, Wilhelm Company acquired $7,600 of more supplies with cash, and a count of these supplies on December 31, 2020 amounts to $3,080. The adjusting entry on 12/31/20 would be a. debit Supplies on Hand $7,600 and credit Supplies Expense $ 7,600 b. debit Supplies Expense $14,720 and credit Supplies on Hand $14,720 c. debit Supplies on Hand $14,720 and credit Supplies Expense $14,720 d. debit Supplies Expense $3,080 and credit Supplies on Hand $3,080

Upon review of records and supporting documents for Wilhelm Company, the following data related to supplies was obtained: as of the 01/01/20, supplies on hand were $10,200, and throughout the year, Wilhelm Company acquired $7,600 of more supplies with cash, and a count of these supplies on December 31, 2020 amounts to $3,080. The adjusting entry on 12/31/20 would be a. debit Supplies on Hand $7,600 and credit Supplies Expense $ 7,600 b. debit Supplies Expense $14,720 and credit Supplies on Hand $14,720 c. debit Supplies on Hand $14,720 and credit Supplies Expense $14,720 d. debit Supplies Expense $3,080 and credit Supplies on Hand $3,080

FINANCIAL ACCOUNTING
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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Upon review of records and supporting documents for Wilhelm Company, the following data related to supplies was obtained: as of the 01/01/20, supplies on hand were $10,200, and throughout the year, Wilhelm Company acquired $7,600 of more supplies with cash, and a count of these supplies on December 31, 2020 amounts to $3,080. The adjusting entry on 12/31/20 would be a. debit Supplies on Hand $7,600 and credit Supplies Expense $ 7,600 b. debit Supplies Expense $14,720 and credit Supplies on Hand $14,720 c. debit Supplies on Hand $14,720 and credit Supplies Expense $14,720 d. debit Supplies Expense $3,080 and credit Supplies on Hand $3,080
Transcribed Image Text:Upon review of records and supporting documents for Wilhelm Company, the following data related to supplies was obtained: as of the 01/01/20, supplies on hand were $10,200, and throughout the year, Wilhelm Company acquired $7,600 of more supplies with cash, and a count of these supplies on December 31, 2020 amounts to $3,080. The adjusting entry on 12/31/20 would be a. debit Supplies on Hand $7,600 and credit Supplies Expense $ 7,600 b. debit Supplies Expense $14,720 and credit Supplies on Hand $14,720 c. debit Supplies on Hand $14,720 and credit Supplies Expense $14,720 d. debit Supplies Expense $3,080 and credit Supplies on Hand $3,080
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