3. Accrual Accounting Concepts
Adjusting Entries: Supplies
3. Accrual Accounting Concepts
Adjusting Entries: Supplies
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Practice this topic
- Multiple Choice
A company has \$350 in its supplies account at the beginning of the year. Throughout the year, the company purchased an additional \$500 worth of supplies, which it recorded to the supplies account. The year-end count of office supplies revealed a remaining balance of \$400. The entry to adjust the balance of the supplies account would include:
584views19rank - Multiple ChoiceWhen preparing adjusting entries for supplies, what is the result of adjusting gross requirements for inventory on hand and scheduled receipts?44views
- Multiple ChoiceWhen should supplies be recorded as an expense in the accounting records?86views
- Multiple ChoiceWhich of the following is NOT an adjusting entry related to supplies at the end of an accounting period?82views