Marigold Company purchased supplies costing $ 7100 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $ 2070 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be O Debit Supplies Expense, $ 2070; Credit Supplies, $ 2070. O Debit Supplies, $ 2070; Credit Supplies Expense, $ 2070. O Debit Supplies Expense, $ 5030; Credit Supplies, $ 5030. O Debit Supplies, $ 5030; Credit Supplies Expense, $ 5030.
Marigold Company purchased supplies costing $ 7100 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $ 2070 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be O Debit Supplies Expense, $ 2070; Credit Supplies, $ 2070. O Debit Supplies, $ 2070; Credit Supplies Expense, $ 2070. O Debit Supplies Expense, $ 5030; Credit Supplies, $ 5030. O Debit Supplies, $ 5030; Credit Supplies Expense, $ 5030.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14A: Expense Method Of Accounting For Prepaid Expenses
Section: Chapter Questions
Problem 1SEB: EXPENSE METHOD OF ACCOUNTING FOR PREPAID EXPENSES Ryans Fish House purchased supplies costing 3,000...
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