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Wiggly Pet Store Had $6,000 of Supplies at the End

Question 164

Multiple Choice

Wiggly Pet Store 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 correct?


A) During November, the company used $7,000 of supplies.
B) Supplies should be reported at $1,000 on the balance sheet.
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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