Select the correct option from the following:

1. Supplies originally cost $500, but only $150 worth of supplies were used this period. The adjusting entry would be

a. Debit Supplies Expense, $150; credit Supplies, $150.

b. Debit Supplies Expense, $350; credit Supplies, $350.

c. Debit Supplies, $150; credit Supplies Expense, $150.

d. Debit Supplies, $350; credit Supplies Expense, $350.

2. After the accounts are closed and the journal entries have been posted, which of the following accounts would have a balance?

a. Payroll Taxes Expense

b. Miscellaneous Expense

c. Professional Expense

d. Supplies

3. Which step is taken at the end of the accounting period?

a. Analyze source documents

b. Post to the general ledger accounts

c. Prepare a trial balance

d. Prepare a post-closing trial balance

4. A form of balance sheet that lists the liabilities and the owner's equity sections below the assets section is called the

a. Account form.

b. Journal form.

c. Report form.

d. Current form.

Answer rating: 100% (QA)

1 a Debit Supplies Ex... View the full answer