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Purrfect Pets Had $6,000 of Supplies at the End of October

Question 44

Multiple Choice

Purrfect Pets had $6,000 of supplies at the end of October. During November, the company bought $2,000 of supplies. At the end of November, the company had $1,000 of supplies remaining. Which of the following statements is not true?


A) During November, the company used $7,000 of supplies.
B) The carrying value of supplies on November 30 should be $1,000.
C) An expense should be debited for $7,000 in November.
D) An asset should be debited for $1,000 in November.

Correct Answer:

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