The balance in the supplies account on June 1 was $5,000, supplies purchased during June were $3,000, and the supplies on hand at June 30 were $3,500. The amount to be used for the appropriate adjusting entry is O a. $11,500 O b. $4,000 O . $4,500 O d. $6,500

The balance in the supplies account on June 1 was $5,000, supplies purchased during June were $3,000, and the supplies on hand at June 30 were $3,500. The amount to be used for the appropriate adjusting entry is O a. $11,500 O b. $4,000 O . $4,500 O d. $6,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The ledger of Larkspur, Inc. on March 31 of the current year includes the selected accounts below…

A: Adjusting journals are as follows:

Q: The balance in the supplies account on June 1 was $5230, supplies purchased during June were $3480,…

A: In general, supplies are considered a current asset until they are used. When resources are…

Q: The balance in the supplies account, before adjustment at the end of the year, is $5,330.…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: On August 1, the supplies account balance was 5,000. $2,000 of supplies were on hand as of August…

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…

Q: For each separate case below, follow the three-step process for adjusting the Supplies asset account…

A: a. Step 1: Determine what the current account balance equals The current account balance equals…

Q: Prepare adjusting journal entries for the year ended (date of) December 31 for each of these…

A: Adjusting Entries: Adjusting Journal entries are recorded at the end of the accounting year to make…

Q: The supplies account had a balance of $1,296 at the beginning of the year and was debited during the…

A: Answer - Calculation of Supplies Expenses to be reported on the Income Statement for the Year -…

Q: On January 1, the Supplies account had a $300 balance. On December 31 (end of year), a count…

Q: more than one question

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: 5. Journalize and post the adjusting entries using the following information: a. Insurance expired…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: The supplies and supplies expense accounts at December 31, after adjusting entries have been posted…

A: Solution:- Calculation of the amount of supplies purchased during the year as follows:-

Q: Slawton Company paid $24,000 on December 1 for three months rent and recorded the transaction to the…

A: Given, Rent expense for 3 months = $24,000 Rent paid: December 1 Adjusting Entry: December 31…

Q: On November 1, Carley Equipment had a beginning balance in the Office Supplies account of $500.…

A: Given Information: Beginning balance of Office supplies account - $500 Purchases of office supplies…

Q: On April, unearned revenue account balance was before adjusting $ 7,100. If unearned revenue account…

A: Unearned revenue is the advance revenue received by the entity. This is in the form of an advance…

Q: Supplies on hand on January 31 are $2,850. Insurance premiums expired during the year are $3,150.…

A: Jouranl entries is to be passed for the year end adjustment so that books of accounts gives true and…

Q: 7 Supplies had a beginning balance of $4.500. During the period, $15.00 of Supplies were purchased.…

A: Adjusting entry refers to the entry which is recorded in the general ledger which should be…

Q: Journalize the above transactions. -March 11 Received $11,400 cash in advance from Ali Co. for…

A: The journal entry and adjusting journal entry to record unearned revenue are shown hereunder :…

Q: ce at the end of the first year. electronics repair store, reparing the adjusting entries, the…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were…

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…

Q: The Supplies on Hand account has a balance of USD 1,500 at year-end. The actual amount of supplies…

A: Adjusting journal entries are used to record transactions that have occurred but have not yet been…

Q: The balance in the office supplies account on January 1 was $7,000, supplies purchased during…

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…

Q: The supplies account had a beginning balance of $1,645. Supplies purchased during the period totaled…

A: Adjusting Entries: The term "adjusting entries" refers to journal entries made at the conclusion of…

Q: The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were…

A: Office supplies means the any product used in office on regular basis. We do have office supplies at…

Q: The balance in the supplies account, before adjustment at the end of the year, is $9,000.…

Q: a partial adjusted trial balance of piper company at january 31 show the following piper company…

A: The revenues and expenses are presented in the income statement of the company.

Q: Wang Company accumulates the folloving adjustment data at December 31. For each item, indicate the…

A: Adjustment entries: Adjusting entries are journal entries used to recognize income or expenses…

Q: On June 1, 20Y2, Herbal Co. received $21,600 for the rent of land for 12 months. Journalize the…

A: Earned rent on December 31, 20Y2 = Total amount received for rent x 7 months / 12 months =…

Q: The balance in the office supplies account on June 1 was P5,200, supplies purchased during June were…

A: Office supplies account needs to be adjusted at the end of accounting period for the of of office…

Q: For preparing the adjusting entries, the following data were assembled: • Fees earned but unbilled…

A: Journal Entries: Journal entry has two effects for every transaction. The journal entry is passed…

Q: Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full…

A: Preparation of the journal entries is the first step in the double-entry system of bookkeeping.…

Q: Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,000. On…

A: a)

Q: 1. Journalize the adjusting entries necessary on April 30, 2016. 2. Determine the revenues,…

A: Adjusting Entries Adjusting entries indicates those entries, which are passed in the books of…

Q: At the beginning of May, Golden Gopher Company reports a balance in Supplies of $500. On May 15,…

A: Supplies Expense to be recorded = Beginning Supplies balance + Supplies purchased - Ending Supplies…

Q: The balance in the supplies account, before adjustment at the end of the year is P1,475. Journalize…

A: Adjusting entries are those which are recorded at the end of the year in order to adjust the…

Q: The supplies account had a balance of $4,174 at the beginning of the year and was debited during the…

A: Income Statement:- Income statement is considered as one of the most important financial statement,…

Q: The balance in the supplies account on June 1 was $5340, supplies purchased during June were $3450,…

A: Supplies used = Beginning balance in the supplies account + supplies purchased - Ending balance in…

Q: Prepare the adjusting entry for each 8l following for year ended December 31, 2021. 1. Received Php…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: At the beginning of May, Golden Gopher Company reports a balance in Supplies of $420. On May 15,…

A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

Q: The beginning balance of supplies is $4000. On December 31st, the physical count of remaining…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: . The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were…

A: Solution: a. The supplies account has a $300 debit balance to start the year. No supplies were…

Q: Hooten Carpentry had the following accounts and account balances after adjusting entries. Assume all…

A: The adjusted trial balance is prepared to record the final balances of the ledgers.

Q: The supplies account had a balance of $1,257 at the beginning of the year and was debited during the…

A: Income Statement refers to financial statements of company and also company's revenues and expenses…

Q: Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On…

A: Supplies used = $8,500 - $1,200 Supplies used = $7,300

Q: At the beginning of the year, it had a balance in its prepaid insurance account of $48,400. During…

A: Insurance Expenses = Beginning prepaid Insurance + Insurance paid during the year - Ending…

Q: The balance in the office supplies account on January 1 was $7,000, supplies purchased during…

A: Supplies used = Beginning balance in the office supplies account + supplies purchased - Ending…

Q: 5. Journalize and post the adjusting entries using the following information: a. Insurance expired…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Question

q10)This multible choice question from ACCOUNTING PRINCIPLES I.just write for me the final answer.

10
The balance in the supplies account on June 1 was $5,000, supplies purchased during June were
$3,000, and the supplies on hand at June 30 were $3,500. The amount to be used for the appropriate
adjusting entry is
O a. $11,500
O b. $4,000
O c. $4,500
O d. $6,500

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1à

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

5. Entity A purchased supplies of ₱640,000 on Jan 31, 20x1. Of that amount, ₱70,000 is remained on hand as of Dec 31, 20x1. What is the adjusting entry to take up the supplies consumed on December 31, 20x1?
EA.8. Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On December 31, a physical count revealed that the remaining supplies totaled $1,200. There was no beginning of the year balance in the Supplies account. Based on the information provided:A. Create journal entries for the original transactionB. Create journal entries for the December 31 adjustment needed to bring the balances to correctC. Show the activity, with ending balance
Purchased Equipment on Jan 10, For $ 10000 from Stores Y. Paid on March 15 to Stores Y Journals required.
The opening balance of supplies is RO1200. On 1 March, the company purchased supplies for RO800 in cash. On 31 December 2014, the balance of supplies in the company is RO 550. The supplies expenses are Select one: a. 550 OMR b. The correct answer not available c. 450 OMR d. 1450 OMR
pm.4 The supplies account had a balance of $1,075 at the beginning of the year and was debited during the year for $2,800, repr the year. If $2,973 of supplies are on hand at the end of the year, the supplies expense to be reported on the income staten Oa. $3,875 Ob. $902 O c. c. $5,773 Od. $2,973
Q4: On 31/12/2020, the following balances appeared in the trial balance of ABC Company ABC Co. Partial Trial Balance December 31 Prepaid insurance 1,500 Supplies 1,000 Unearned service revenue 1,500 Equipment 50,000 Additional information: An insurance policy examination showed SR1,000 of expired insurance An inventory count showed SR200 of unused shop supplies still available Depreciation expense on shop equipment, SR10,000 SR800 of the Unearned service account balance was earned by year-end. Required : Make the necessary adjusting entries. Show the impact of these adjustments on the income statement and the balance sheet statement.
34) If a count of office supplies on hand reveal $1,000 of supplies unused at year-end and the Office Supplies on Hand account has a balance of $2500, the adjusting entry to bring the Office Supplies on Hand up to date at year-end should include:A) Debit Office Supplies on Hand $1,000, Credit Office Supplies Expense $1,000B) Debit Office Supplies on Hand $1,500, Credit Office Supplies Expense $1,500C) Debit Office Supplies Expense $1,000, Credit Office Supplies on Hand $1,000D) Debit Office Supplies Expense $1,500, Credit Office Supplies on Hand $1,500 Group of answer choices A B C D
During the month of January, Alpha, Inc. purchased supplies worth $450. At the end of January, Alpha, Inc. determined it had supplies worth $125 remaining. Compute the worth of supplies used in January. a.$325 b.$575 c.$125 d.$450
vd subject-Accounting EnviroWaste’s year-end is December 31. The information in (a) to (e) is available at year-end for the preparation of adjusting entries: Of the $17,600 balance in Unearned Revenue, $2,600 remains unearned. The annual building depreciation is $13,700. The Spare Parts Inventory account shows an unadjusted balance of $1,020. A physical count reveals a balance on hand of $890. Unbilled and uncollected services provided to customers totalled $13,700. The utility bill for the month of December was received but is unpaid; $1,200. The accrued revenues of $13,700 recorded in (d) were collected on January 4, 2024. The $1,200 utility bill accrued in (e) was paid on January 14, 2024. Required: Prepare the required adjusting entries at December 31, 2023, for (a) to (e) and the subsequent cash entries required for (f) and (g).
On 28 February 20.2 you are given the following information for Betties Plumbing. RCapital252 000Services rendered510 000Wages100 000Telephone expenses10 000Water and electricity8 000Insurance1 500Maintenance of vehicles2 500Interest expenses1 500Interest income2 000 The total expenditure for Betties Plumbing for the year ended 28 February 20.2 is ... NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72)
1. The electricity account for the year ended 30 June 20X3 was as follows:Opening balance for electricity accrued at 1 July 20X2 300$Payments made during the year:1 August 20X2 for three months to 31 July 20X2 600$1 November 20X2 for three months to 31 October 20X2 720$1 February 20X3 for three months to 31 January 20X3 900$30 June 20X3 for three months to 30 April 20X3 840$Which of the following is the appropriate entry for electricity?Accrued at June 20X3 Charged to income statement,year ended 30 June 20X3A $Nil $3,060B $460 $3,320C $560 $3,320D $560 $3,420
Moore General Store purchased office supplies on account during the month of March for $5,000. Payment for the supplies will be made in April. On March 1, the balance in the supplies account was $350. On March 31, supplies on hand amounted to $310. What amount should appear on the company's March 31 balance sheet as Supplies, and what amount should appear on the company's March income statement as Supplies Expense, respectively? Select one: a. $310, $5,000 b. $350, $5,040 c. $310, $5,040 d. $350, $5,000 e. $310, $5,350