Xerox Company follows a policy of charging all its payments made in advance into expenses. On December
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Question:
Xerox Company follows a policy of charging all its payments made in advance into expenses. On December 31, 2018, the company had supplies on hand amounting to $3,000. During 2019, the company paid $2,000 in advance for a 2 year insurance policy, and purchased additional supplies for $4,500 cash. During 2019, supplies amounting to $6,200 were used. The supplies account during 2019 should be
Select one:
a. Debited by $6,200
b. Credited by $3,000
c. Debited by $4,500
d.Credited by $2,000
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
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