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1.The entry to record a purchase of supplies on accountwould be:

Multiple Choice

debit to supplies, credit to accounts payable

debit to cash, credit to supplies

debit to accounts receivable, credit to supplies

debit to accounts payable, credit to supplies

2.

On a multiple-step income statement, interest expense is reported as a(n):

Multiple Choice

other income and expense item

general and administrative expense

selling expense

cost of goods sold (COGS)

3.

Equipment that costs $12,000 and has accumulated depreciation of $9,000 sold for $2,600. The journal entry would include a

Multiple Choice

debit to Loss on Sale of Equipment for $9,400.

credit to Equipment for $3,000.

credit to Accumulated Depreciation for $9,000.

debit to Loss on Sale of Equipment for $400.