The Store Supplies account had a $360 debit balance at the end of the accounting period before adjustment for supplies used, and an inventory of $80 of unused supplies was on hand. Which of the following is the required adjusting entry?
A) Debit Store Supplies Expense $80 and credit Store Supplies $80.
B) Debit Store Supplies Expense $280 and credit Store Supplies $280.
C) Debit Store Supplies $80 and credit Store Supplies Expense $80.
D) Debit Store Supplies $280 and credit Store Supplies Expense $280.
Correct Answer:
Verified
Q94: In accounting,depreciation refers to the
A) allocation of
Q115: Use this information to answer the following
Q117: Use this information to answer the following
Q118: The principal difference between depreciation expense and
Q119: Failure to record depreciation at year end
Q122: Which of the following accounts probably would
Q123: Prepaid Rent was $400 at the end
Q126: Which of the following accounts most likely
Q129: Which of the following accounts could not
Q130: In November,cash is received in advance of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents