During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600. The adjusting entry for store supplies will a. increase net income by $22,200. b. increase expenses by $22,200. c. decrease supplies by $6,600. d. debit Accounts Payable for $6,600. During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600. The adjusting entry for store supplies will a. increase net income by $22,200. b. increase expenses by $22,200. c. decrease supplies by $6,600. d. debit Accounts Payable for $6,600.
Expert Answer:
Answer rating: 100% (QA)
Solution Answer is b increase expenses by 22200 Working Notes Purchase of supplie... View the full answer
Related Book For
Hospitality Financial Accounting
ISBN: 978-0470083604
2nd Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.
Posted Date:
Students also viewed these accounting questions
-
During the first year of operation, 2013, Ferrells Appliance recognized $261,000 of service revenue on account. At the end of 2013, the accounts receivable balance was $46,300. Even though this is...
-
During the first year of operation, 2013, Custom Appliance Co. recognized $320,000 of service revenue on account. At the end of 2013, the accounts receivable balance was $47,000. For this first year...
-
During the first year of operation, 2014, Ferrells Appliance recognized $261,000 of service revenue on account. At the end of 2014, the accounts receivable balance was $46,300. Even though this is...
-
About "Hilton Honors" 1) Explain what creates value and identify if there are aspects that do not create value. (Please include the citation and references) 2)What is the strength of the Hilton Honor...
-
1. Who prevails and why? 2. Does this case show potential problems with venture capital firms as limited partners? 3. Was TCV in control of Spree.com because they held the purse strings?
-
Refer to Amazon.com, Inc.s Consolidated Financial Statements in Appendix A at the end of the book, and answer the following questions: 1. Refer to Note 1 and Note 3 of the Notes to Consolidated...
-
May Enterprises issued \(\$ 200,000\) of six percent, five-year bonds with interest payable semiannually. Determine the issue price if the bonds are priced to yield (a) six percent,
-
Nations Trust is evaluating two capital investment proposals for a drive-up ATM kiosk, each requiring an investment of $ 380,000 and each with an eight-year life and expected total net cash flows of...
-
Research at least one ethical scandal of a company from the last 20 years. (Examples might be VW, HSBC, Enron, Boeing, Uber, Valeant Pharma. This should not be very hard to find; there are many...
-
1. In each situation, what are the main financial planning issues that need to be addressed? 2. What additional information would you like to have before recommending actions in each situation? 3....
-
A card is drawn from a well-shuffled deck of 52 cards. Find the probability that the card is a black card or a 3. The probability is (Type an integer or a simplified fraction.)
-
Look at your daily activities through the concepts of production economy - Look at yourself as a production system/resource whose purpose is to learn/study. Make yourself a capacity utilization rate...
-
Why is Nando's restaurant considered as one of South African case example in the trends that provide evidence for the globalisation of markets since they have franchises in most of countries...
-
Discuss how the NCVS and the British Crime Survey use different strategies for sampling to produce sufficient numbers of respondents.
-
Assess research findings linking financial incentives for tasks that require creativity, problem solving, and memory. What are the strengths of such an approach? What are the limitations? Evaluate...
-
Discuss the importance of legislation, policies and procedures in the conte to: the Healthcare Industry. Ensure that you make reference to the following a) E iployment legislation e.g. Your rights as...
-
QUESTION 1 (10 MARKS) You want to save money to meet two objectives. First, you would like to be able to retire 35 years from now with a retirement income of $250,000 per year for 25 years starting...
-
Velshi Printers has contracts to complete weekly supplements required by fortysix customers. For the year 2018, manufacturing overhead cost estimates total $600,000 for an annual production capacity...
-
Abbotts Liquor Store uses a perpetual inventory system. Data for the Texas Chardonnay include the following purchases: On June 1, Abbotts sold 30 bottles, and on August 27, 35 more bottles. Prepare...
-
From 1 to 9, arrange the following steps of the accounting cycle in order: _____ Posting _____ Financial statements _____ Transaction analysis _____ Closing entries _____ Postclosing trial balance...
-
At the beginning of the year, Rita Pasta Company had total assets of $780,000 and total liabilities of $400,000. Answer the following questions. 1. If total assets increased $125,000 during the year...
-
A production function shows the relationship between a. variable inputs and fixed inputs. b. variable inputs and output. c. costs and output. d. inputs and costs. e. production and sales revenue.
-
Production in the short run a. is subject to diminishing marginal product. b. involves some fixed factors. c. can be increased by employing another unit of a variable input, as long as the marginal...
-
Diminishing marginal productivity in a frozen-pizza company means that a. hiring additional workers causes the total output of pizza to fall. b. hiring additional workers does not change the total...
Study smarter with the SolutionInn App