1. On 31/12/2017 ABC Company has $18,000 worth of supplies on hand. 2. On 10/4/2018 the...

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1. On 31/12/2017 ABC Company has $18,000 worth of supplies on hand. 2. On 10/4/2018 the company purchased supplies for $10,000 that were recorded as supplies. 3. Moreover, on 16/8/2018 additional supplies were purchased for $5,000 that was recorded as supplies expense. 4. At the end of the year, the amount of supplies on hand was $7,000. Based on the above-given information, answer the following questions: 1. What is the amount of the supplies expense that must be presented on the company's income statement for the year 2018? o The Answer is: 4 2. The debit side of the adjusting entry must include with an amount of 3. What is the amount of the supplies that must be presented on the company's statement of financial position as on 31/12/2018? o The Answer is: 1. On 31/12/2017 ABC Company has $18,000 worth of supplies on hand. 2. On 10/4/2018 the company purchased supplies for $10,000 that were recorded as supplies. 3. Moreover, on 16/8/2018 additional supplies were purchased for $5,000 that was recorded as supplies expense. 4. At the end of the year, the amount of supplies on hand was $7,000. Based on the above-given information, answer the following questions: 1. What is the amount of the supplies expense that must be presented on the company's income statement for the year 2018? o The Answer is: 4 2. The debit side of the adjusting entry must include with an amount of 3. What is the amount of the supplies that must be presented on the company's statement of financial position as on 31/12/2018? o The Answer is:

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To answer these questions we need to calculate the supplies expense for the year and the value of su... View the full answer