Becca Corp.purchased supplies at a cost of $5,200 during 2016.At January 1,2017,supplies on hand were $1,600.During the year,the company used $4,000 of supplies.Becca's accounting year ends on December 31.
A. What is the effect on the accounting equation of the adjusting entry that is prepared at December 31,2017?

B. Under the accrual basis of accounting, how much is Supplies Expense for 2017 ?

C. How much should be reported on the December 31,2017, balance sheet for Supplies?

D. What type of adjustment was made in part $A$ ?

Question

Becca Corp.purchased supplies at a cost of $5,200 during 2016.At January 1,2017,supplies on hand were $1,600.During the year,the company used $4,000 of supplies.Becca's accounting year ends on December 31.
 A. What is the effect on the accounting equation of the adjusting entry that is prepared at December 31,2017?

B. Under the accrual basis of accounting, how much is Supplies Expense for 2017 ?

C. How much should be reported on the December 31,2017, balance sheet for Supplies?

D. What type of adjustment was made in part $A$ ?

Quizplus · Accepted Answer

The Answer of Becca Corp.purchased supplies at a cost of $5,200 during 2016.At January 1,2017,supplies on hand were $1,600.During the year,the company used $4,000 of supplies.Becca's accounting year ends on December 31.
 A. What is the effect on the accounting equation of the adjusting entry that is prepared at December 31,2017?

B. Under the accrual basis of accounting, how much is Supplies Expense for 2017 ?

C. How much should be reported on the December 31,2017, balance sheet for Supplies?

D. What type of adjustment was made in part $A$ ?

Becca Corp AAA

Becca Corp $A$