Wallowa Company purchased supplies costing $6000 and debited Supplies for the full amount. At the end of the accounting period a physical count of supplies revealed $1800 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
A) Debit Supplies Expense $1800; Credit Supplies $1800.
B) Debit Supplies $4200; Credit Supplies Expense $4200.
C) Debit Supplies Expense $4200; Credit Supplies $4200.
D) Debit Supplies $1800; Credit Supplies Expense $1800.
Correct Answer:
Verified
Q87: Bichon Company purchased equipment for $6720 on
Q88: An asset-expense relationship exists with
A) liability accounts.
B)
Q89: Adjusting entries can be classified as
A) postponements
Q90: Depreciation expense for a period is the
A)
Q91: As prepaid expenses expire with the passage
Q93: Adjusting entries are
A) not necessary if the
Q94: The balance in the supplies account on
Q95: Which of the following reflects the balances
Q96: Accrued revenues are
A) cash received and a
Q97: Prepaid expenses are
A) paid and recorded in
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