If the supplies account indicated a balance of $2,250 before adjustment on May 31 and supplies on hand at May 31 totaled $950, the adjustment would be: A. increase Supplies, $950; decrease Supplies Expense, $950. B. increase Supplies, $1,300; decrease Supplies Expense, $1,300. C. increase Supplies Expense, $950; decrease Supplies, $950. D. increase Supplies Expense, $1,300; decrease Supplies, $1,300.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
If the supplies account indicated a balance of $2,250 before adjustment on May 31 and supplies on hand at May 31 totaled $950, the adjustment would be:
A. increase Supplies, $950; decrease Supplies Expense, $950.
B. increase Supplies, $1,300; decrease Supplies Expense, $1,300.
C. increase Supplies Expense, $950; decrease Supplies, $950.
D. increase Supplies Expense, $1,300; decrease Supplies, $1,300.
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