Boyce Company purchased office supplies costing $7,000 and debited supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1, 800 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: A) debit supplies Expense, $1, 800 credit supplies, $1, 800. B) debit supplies Expense, $5, 200 credit supplies. $5, 200. C) debit supplies, $5, 200; credit Supplies Expense, $5, 200. D) debit supplies, $1, 800: credit supplies Expense, $1, 800

Question

31-03-2020
Business

contestada

Boyce Company purchased office supplies costing $7,000 and debited supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1, 800 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: A) debit supplies Expense, $1, 800 credit supplies, $1, 800. B) debit supplies Expense, $5, 200 credit supplies. $5, 200. C) debit supplies, $5, 200; credit Supplies Expense, $5, 200. D) debit supplies, $1, 800: credit supplies Expense, $1, 800

Respuesta :

Otras preguntas

Serena has an art easel with sides of equal length. She opened the easel and place it on her desk. Classify the type of triangle formed by the easel on the des

The function f(x) = 396(3)x represents the growth of a dragonfly population every year in a remote swamp. Pierre wants to manipulate the formula to an equivalen

a statue creates a shadow that is 30 feet long. the angle of elevation of the sun is 50 degrees. How tall is the statue and how would i calculate that?

Divide. Give the exact answer, written as a decimal. __ 2l23

Starting at home, Emily traveled uphill to the hardware store for 60 minutes at just 6 mph. She then traveled back home along the same path downhill at a speed

describe one instance where odysseus or his men give in to temptation and how it affects them

Tina drew an animal cell in her science notebook. What’s wrong with the cell?

Identify the middle line for the function: 5csc(3t-pi/6)

When planning his crops, Farmer Tim knows that his 7 acres can support peas and carrots. He wants to make $7,000 from his crops. He can make $2,000 per acre of

omotayoadekoya1 omotayoadekoya1 · Answer 1 · 2020-04-01T02:29:40+02:00

Answer:

B) debit supplies Expense, $5, 200 credit supplies. $5, 200.

Explanation:

When supplies are purchased, he entries posted are debit supplies account and credit cash or accounts payable account.

When supplies are used up, the amount of supplies used is credited to the supplies account and debited to the supplies expense account.

This reduces the book balance in the supplies account to what is physically available.

Quantity used up = $7,000 - $1,800

= $5,200

nwandukelechi nwandukelechi · Answer 2 · 2020-04-01T20:05:31+02:00

Answer:

B) debit supplies Expense, $5, 200 credit supplies. $5, 200

Explanation:

Compare inventory physical count sheet and the inventory in your accounting system to calculate the difference. If the physical count is lower, you can subtract that number from the accounting system number to find the adjusted journal entry.

Given:

Physical count of office supplies = $1, 800

Purchased office supplies costing = $7,000

Adjusted journal entry = $7000 - $1800

= $5200

Journal Entries are the building blocks of accounting, from reporting to auditing journal entries (which consist of Debits and Credits). Debit the supplies expense account for the cost of the supplies used. Balance the entry by crediting your supplies account.