Question 1 View Policies Current Attempt in Progress Pina Colada Corp. purchased office supplies costing $7700 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1980 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies, $5720; credit Supplies Expense, $5720. debit Supplies, $1980; credit Supplies Expense, $1980. debit Supplies Expense, $5720; credit Supplies, $5720. debit Supplies Expense, $1980; credit Supplies, $1980. Question 2 --/1 View Policies Current Attempt in Progress Oriole Company purchased equipment for $16800 on December 1. It is estimated that annual depreciation on the computer will be $3360. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: debit Equipment, $16800; credit Accumulated Depreciation, $16800. debit Depreciation Expense, $13440; credit Accumulated Depreciation, $13440. debit Depreciation Expense, $3360; credit Accumulated Depreciation, $3360. debit Depreciation Expense, $280; credit Accumulated Depreciation, $280. The trial balance for Metlock, Inc. appears as follows: Metlock, Inc. Trial Balance December 31, 2017 Cash $250 428 67 148 3280 Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $490 315 980 1150 2468 820 410 $5403 $5403 If, on December 31, 2017, supplies on hand were $33, the adjusting entry would contain a: debit to Supplies for $33. debit to Supplies Expense for $115. credit to Supplies for $33. credit to Supplies Expense for $115. The trial balance for Marigold Corp. appears as follows: Marigold Corp. Trial Balance December 31, 2017 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $240 418 66 144 3200 $480 307 960 1120 2401 800 400 $5268 0 $5268 If the estimated depreciation for equipment were $480, the adjusting entry would contain a: credit to Equipment for $480. credit to Depreciation Expense, Equipment for $480. credit to Accumulated Depreciation, Equipment for $480. debit to Accumulated Depreciation, Equipment for $480