Loose-Leaf for Financial and Managerial Accounting
7th Edition
ISBN: 9781260004861
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 3, Problem 2MCQ
Prior to recording
- Debit Supplies $125; Credit Supplies Expense $125.
- Debit Supplies $325; Credit Supplies Expense $325.
- Debit Supplies Expense $325; Credit Supplies $325.
- Debit Supplies Expense $325; Credit Supplies $125.
- Debit Supplies Expense $125; Credit Supplies $125.
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Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physical count of supplies shows $125 of unused supplies still available. The required adjusting entry is a. Debit Supplies $125; credit Supplies Expense $125. b. Debit Supplies $325; credit Supplies Expense $325. c. Debit Supplies Expense $325; credit Supplies $325. d. Debit Supplies Expense $325; credit Supplies $125. e. Debit Supplies Expense $125; credit Supplies $125.
Correct Answer
Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physicalcount of supplies shows $125 of unused supplies still available. The required adjusting entry is:a. Debit Supplies $125; Credit Supplies Expense $125.b. Debit Supplies $325; Credit Supplies Expense $325.c. Debit Supplies Expense $325; Credit Supplies $325.d. Debit Supplies Expense $325; Credit Supplies $125.e. Debit Supplies Expense $125; Credit Supplies $125
The balance in the supplies account before adjustment at the end of the year is $808. The proper adjusting entry if the amount of supplies on hand at the end of the year is $311 would be
a.debit Supplies, $497; credit Supplies Expense, $497
b.debit Supplies, $311; credit Supplies Expense, $311
c.debit Supplies Expense, $311; credit Supplies, $311
d.debit Supplies Expense, $497; credit Supplies, $497
Chapter 3 Solutions
Loose-Leaf for Financial and Managerial Accounting
Ch. 3 - Prob. 1MCQCh. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - On May 1, 2017, a two-year insurance policy was...Ch. 3 - On November 1, 2017, Stockton Co. receives $3,600...Ch. 3 - If a company had $ 15,000 in net income for the...Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - Prob. 4DQCh. 3 - Prob. 5DQ
Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - A If a company initially records prepaid expenses...Ch. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 19DQCh. 3 - Prob. 20DQCh. 3 - Prob. 21DQCh. 3 - Prob. 22DQCh. 3 - Prob. 23DQCh. 3 - Prob. 24DQCh. 3 - Prob. 25DQCh. 3 - Prob. 26DQCh. 3 - Prob. 27DQCh. 3 - Prob. 28DQCh. 3 - Prob. 29DQCh. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Computing accrual and cash income C1 In its first...Ch. 3 - Identifying accounting adjustments P1 Classify the...Ch. 3 - Prob. 4QSCh. 3 - Prepaid (deferred) expenses adjustments P1 For...Ch. 3 - Prepaid (deferred) expense adjustments P1 For each...Ch. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Recording and analyzing adjusting entries P1...Ch. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Preparing adjusting entries P6 Garcia Company had...Ch. 3 - A preparing adjusting entries P4 Cal Consulting...Ch. 3 - Preparing closing entries from the ledger P4 The...Ch. 3 - Identifying post-closing accounts P5 Identify...Ch. 3 - identifying the accounting cycle C2 List the...Ch. 3 - Classifying balance sheet items C3 The following...Ch. 3 - Identifying current accounts and computing the...Ch. 3 - Prob. 26QSCh. 3 - Prob. 27QSCh. 3 - Prob. 28QSCh. 3 - Exercise 3-1 Adjusting and paying accrued wages P1...Ch. 3 - Exercise 3-2 Adjusting and paying accrued expenses...Ch. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Exercise 3-8 Preparing closing entries...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Exercise 3-16 Preparing a balance sheet following...Ch. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 3PSACh. 3 - Prob. 4PSACh. 3 - Prob. 5PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 8PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Prob. 4PSBCh. 3 - Prob. 5PSBCh. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - Prob. 8PSBCh. 3 - No Account Title Debit Credit 101 Cash $38,264 106...Ch. 3 - Prob. 1GLPCh. 3 - Prob. 2GLPCh. 3 - Prob. 3GLPCh. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 6GLPCh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Prob. 5BTNCh. 3 - Prob. 6BTNCh. 3 - Prob. 7BTNCh. 3 - Prob. 8BTNCh. 3 - Prob. 9BTN
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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
- The Supplies account has a 1,400 balance. A physical inventory is taken at the end of the fiscal year, and the amount on hand is determined to be 300. What adjusting entry is required to record the supplies used? a. Supplies 300 DR, Cash 300 CR b. Supplies Expense 1,400 DR, Supplies 1,400 CR c. Supplies 1,100 DR, Supplies Expense 1,100 CR d. Supplies Expense 1,100 DR, Supplies 1,100 CR e. None of the abovearrow_forwardANALY SIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze each situation and indicate the correct dollar amount for the adjusting entry. 1. Ending inventory of supplies is 95. 2. Amount of supplies used is 280.arrow_forwardANALYSIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze each situation and indicate the correct dollar amount for the adjusting entry. (Trial balance is abbreviated as TB.) 1. Ending inventory of supplies is 260. 2. Amount of supplies used is 230.arrow_forward
- The balance in the supplies account before adjustment at the end of the year is $717. The proper adjusting entry if the amount of supplies on hand at the end of the year is $329 would be a.debit Supplies Expense, $388; credit Supplies, $388 b.debit Supplies Expense, $329; credit Supplies, $329 c.debit Supplies, $388; credit Supplies Expense, $388 d.debit Supplies, $329; credit Supplies Expense, $329arrow_forwardPrior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is: a. Debit Office Supplies $254 and credit Office Supplies Expense $254. b. Debit Office Supplies $105 and credit Office Supplies Expense $105. c. Debit Office Supplies Expense $254 and credit Office Supplies $254. d. Debit Office Supplies Expense $105 and credit Office Supplies $105.arrow_forwardPrior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is: 1. debit Office Supplies $105 and credit Office Supplies Expense $105. 2. debit Office Supplies Expense $105 and credit Office Supplies $105. 3. debit Office Supplies Expense $254 and credit Office Supplies $254. 4. debit Office Supplies $254 and credit Office Supplies Expense $254.arrow_forward
- The supplies account had a begging balance of 3375 and was debited for 6450 for supplies purchased during the year. Journalize the adjusting entry required at 5he end of the year assuming the amount of supplies on hand is 2980.arrow_forwardThe balance in the supplies account before adjustment at the end of the year is $897. The proper adjusting entry if the amount of supplies on hand at the end of the year is $303 would be a.debit Supplies Expense, $594; credit Supplies, $594 b.debit Supplies, $303; credit Supplies Expense, $303 c.debit Supplies, $594; credit Supplies Expense, $594 d.debit Supplies Expense, $303; credit Supplies, $303arrow_forwardThe supplies account had a beginning balance of $4,085 and was debited for $7,810 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $3,610. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select -arrow_forward
- The supplies account had a beginning balance of $6,220 and was debited for $2,550 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $3,240. If an amount box does not require an entry, keep it blank.arrow_forwardMultiple Choice Quiz: Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physical count of supplies shows $125 of unused supplies still available. The required adjusting entry is: a. Debit Supplies $125; credit Supplies Expense $125. b. Debit Supplies $325; credit Supplies Expense $325. c. Debit Supplies Expense $325; credit Supplies $325. d. Debit Supplies Expense $325; credit Supplies $125. e. Debit Supplies Expense $125; credit Supplies $125.arrow_forwardThe balance in the supplies account before adjustment on December 31, 2007 is $3,000. The amount of supplies on hand is $500. What account should be debited in the journal (1) and for what amount to record the adjusting entry for supplies based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Supplies $500 Supplies Expense $1,500 Supplies Expense $2, 500 Supplies $2,500arrow_forward
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