Question: Select the correct adjusting entry. If no entry is needed, select No entry required for this transaction. A count of the Supplies account indicates that

Select the correct adjusting entry. If no entry is needed, select No entry required for this transaction.

A count of the Supplies account indicates that supplies of $450 have been used.

Question 2 options:

No entry required for this transaction

_________________________________________

DR Supplies 450

CR Supplies Expense 450

_________________________________________

DR Cost of Goods Sold 450

CR Inventory 450

_________________________________________

DR Supplies Expense 450

CR Supplies 450

_________________________________________

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

n Roby: Attempt 1 Question 3 (1 point) Saved Select the correct adjusting entry. If no entry is needed, select "No entry required this transaction." Two months have passed since insurance for the...

Q:

Select the correct adjusting entry. If no entry is needed, select No entry required for this transaction. 1. Depreciation expense for the month on the building is $2,000. 2.A count of the Supplies...

Q:

If supplies have been used up during the accounting period, the correct adjusting entry would be: Select one: a. increase the asset 'supplies' and reduce the 'supplies expense'. b. reduce the asset...

Q:

All of the transactions of Harding Trading Co. for the year have been journalized and posted. The following information has been gathered for the adjustment process as of December 31, 2018: All of...

Q:

12.When the allowance method is used for bad debts, the on ce method is used for bad debts the entry to write of an individual con known to be uncollectible involves a a debit to an expense account...

Q:

All of the transactions of Harding Trading Company for the year have been Journalized and posted. The following information has been gathered for the adjustment process as of December 31, 2022: A....

Q:

Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income Use the drop-downs to select the accounts properly included on the income...

Q:

Please help me answer the following questions: please also include brief & concise explanations why you choose the answer. Multiple Choice Questions Read and analyze the statements below and choose...

Q:

TRANSACTION ANALYSIS: Dartmouth Ties Corporation is a merchandising company that has been in operation for two years. The company sell high-end ties for men. They purchase their inventory from...

Q:

All of the transactions of Harding Trading Company for the year have been journalized and posted. The following information has been gathered for the adjustment process as of December 31, 2022: The...

Q:

Brudvik Company has total liabilities of $ 350,000 and total owners equity of $ 500,000. The company had net income of $ 66,000 after deducting interest expense of $ 8,000. This is a proprietorship...

Q:

Espat Corp. reported net sales (all on credit) of $1,600,000 and cost of goods sold of $1,100,000 for 2016. Its beginning balance of Accounts Receivable was $150,000. The accounts receivable balance...

Q:

Which of the following is not a best practice in ensuring mobile device security?

Q:

Semm 1 2 1 3 project report

Q:

3. What should a contract of employment contain?

Q:

1. What does the term employment relationship mean?

Q:

understand and describe the rights and obligations of the employer and employee to the employment relationship