Question: Supplies are recorded as assets when purchased. Therefore, the decrease to the supplies account in the adjustment is for the amount of supplies: Selected Answer:

Supplies are recorded as assets when purchased. Therefore, the decrease to the supplies account in the adjustment is for the amount of supplies:
Selected Answer:

remaining.
Answers:

remaining.

purchased.

used.

either used or remaining.

I entered remaining and it was marked wrong, so I am looking for the correct answer.

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:

Supplies are recorded as assets when purchased therefore, the credit to supplies in the adjusting entry is for the amount of supplies remaining purchase used or either use or remaining

Q:

7. Jill Clown earned a salary of $500 for the last week of October. She will be paid on November 1. The adjusting entry for Jill's employer October 31 is: a. No entry is readjusting entry for all the...

Q:

Adjusting entries can be classified as: a. postponements and advances. b. accruals and deferrals. c. deferrals and postponements. d. accruals and advances Accrued expenses are: a. incurred but not...

Q:

____ 46. Which of the following entries records the receipt of cash from patients on account? a. Accounts Payable, debit; Fees Earned, credit b. Accounts Receivable, debit; Fees Earned, credit c....

Q:

AutoSave OFF Exam2 - Copy (17) Qv Search Sheet Home Insert Draw Page Layout Formulas Data Review View Share Comments F9 fx Part 1 - Multiple Choice. Enter an "X" in the cell to the left of the...

Q:

6. The net income reported on the income statement is $90,000. However, adjusting entries have not been made at the end of the period for supplies expense of $2,700 and accrued salaries of $1,300....

Q:

Supplies are recorded as assets when purchased. Therefore, the credit to supplies in the adjusting entry is for the amount of supplies Select one: 1 . purchased 2 . used 3 . either used or remaining...

Q:

see attached files P3-4 Analyzing the Effects of Transactions Using T-Accounts, Preparing an Income Statement, and Evaluating the Net Profit Margin Ratio as a Manager LO3-4, 3-5, 3-6 Kaylee James, a...

Q:

is anyone available to help me with part 2,3,4,5! provising the answers for esch section!? Chart of Accounts Chart of Accounts \begin{tabular}{|c|l|} \hline Current Assets \\ \hline 10000 & Cash \\...

Q:

Please help with part 2,3,4,5! thank you in advance! Part One Instructions Record the September 2023 transactions, journal entries, in an Excel Spreadsheet. An example of an Excel spreadsheet follows...

Q:

What is the purpose of the state unemployment tax, and who must pay it?

Q:

FADH2 reduces α.β-unsaturated thioesters to saturated thioesters. The reaction is thought to take place by a mechanism that involves radicals. Propose a mechanism for this...

Q:

In the documentary "Inside Job," Allan Sloan, a senior editor of Fortuse magazine, described a Goldman Sachs deal in which bome buyers borrowed 9 9 . 3 % of the price of their bouses. Amazingly, many...

Q:

If the following join statement is used to join two tables in a query, which of the following tables would all of the tuples in the relation appear in results? left join university.students on...