Knoll Company started Year 2 with a $500 balance in its cash account, a $500 balance...

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Knoll Company started Year 2 with a $500 balance in its cash account, a $500 balance in Its supples account and a $1,000 balance in Its common stock account. During Year 2, the company experienced the following events. O Pald $400 cash to purchase supples (2) Physical count revealed $100 of supplies on hand at the end of Year 2 Based on this Information which of the following journal entries would be required to recognize supplies expense at the end of Year 27 O Supplies Expense Supplies 90 900 O Supplies Expense Supplies 800 800 O Supplies Payable Supplies 900 900 Supplies 800 Supplies Expense 800 Knoll Company started Year 2 with a $500 balance in its cash account, a $500 balance in Its supples account and a $1,000 balance in Its common stock account. During Year 2, the company experienced the following events. O Pald $400 cash to purchase supples (2) Physical count revealed $100 of supplies on hand at the end of Year 2 Based on this Information which of the following journal entries would be required to recognize supplies expense at the end of Year 27 O Supplies Expense Supplies 90 900 O Supplies Expense Supplies 800 800 O Supplies Payable Supplies 900 900 Supplies 800 Supplies Expense 800

Answer rating: 100% (QA)

Supplies used Beginning balance 5... View the full answer