At the end of the month, the adjusting journal entry to record the use of supplies would include: a. An increase to supplies and an increase to expenses. b. A decrease to supplies and an increase to expenses. c. An increase to supplies and an increase to revenue. d. A decrease to supplies and a decrease to cash.

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Beverley SmithLv2

22 Apr 2018

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the jackson company entered into the following transactions during 2008: there were $700 of supplies purchased on account. sales on account amounted to $9,500. Cash collections of receivables were $5,500. supplies on hand as of December 31, 2008 amounted to $225.

the adjusting entry necessary to record the supplies expense would result in:

1) $700 increase in assets and liabilities 2) $700 decrease in assets and equity 3) $575decrease in assets and equity 4) $575 increase in assets and liabilities

greentiger393

1. The purchase of an asset (like Equipment) for cash will
a) increase total assets and increase total liabilities
b) have no effect on total assets or liabilities
c) increase total liabilities and decrease total assets
d) increase total assets and increase owner's equity
e) increase total assets and decrease owner's equity

2. If a $25 cash purchase of supplies is recorded as a $52 debit toSupplies Expense and a $52 credit to Cash, the result will bethat
a) the trial balance will be out of balance
b) the Supplies Expense account will be understated
c) the Cash account will be overstated
d) Supplies Expense will be overstated and Cash will beunderstated
e) none of these will be true

3. In preparing the first two closing entries, to which of thefollowing columns of the work sheet does one refer?
a) balance sheet columns
b) adjusted trial balance columns
c) income statement columns
d) trial balance columns
e) adjustments columns

4. Net income for Susan's Treasures is $25000 for the current year.The owner withdrew $2000 per month for personal living expenses,The owner's Capital account will show a net
a) decrease of $1000
b) increase of $49000
c) decrease of $24000
d) increase of $1000
e) increase of $25000

brownlion52

15. On December 31, 2015, K Company accrued salaries expense with an adjusting entry. No reversing entry was made and the payment of salaries during January 2016 was correctly recorded. If X Company had recorded an entry on January 1, 2016 to reverse the accrual, the effect on the 2016 Financial Statements of using the reversing entry would have been: a. To increase 2015 Expenses and decrease Liabilities. b. To increase 2016 Expenses and reduce Assets c. To decrease 2016 Expenses and increase Liabilities. d. To decrease 2016 Expenses and decrease Liabilities. e. No effect.

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