User Account

All Pages

Find the appropriate adjusting journal entry to be made

Assignment Help Financial Accounting
Reference no: EM132552246

Question 1: ABC Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

Option 1: debit Office Supplies Expense, $1,600; credit Office Supplies, $1,600.

Option 2: debit Office Supplies, $2,400; credit Office Supplies Expense, $2,400.

Option 3: debit Office Supplies Expense, $2,400; credit Office Supplies, $2,400.

Option 4: debit Office Supplies, $1,600; credit Office Supplies Expense, $1,600.

Reference no: EM132552246

Questions Cloud

What expense recognition is tied to revenue recognition : What Expense recognition is tied to revenue recognition when? efforts should be matched with accomplishments/ cash has been received for the revenue
What value does porter 5 forces framework : What value does Porter's 5 Forces Framework bring to a strategic analysis?
CNA511 Oncology Nursing Assignment : CNA511 Oncology Nursing Assignment Help and Solution - University of Tasmania, Australia - Assessment Writing Service
Evaluate the mission statements : You are provided with the following mission statements to evaluate. Using an evaluation matrix presented below evaluate the mission statements
Find the appropriate adjusting journal entry to be made : ABC Company purchased office supplies, Find The appropriate adjusting journal entry to be made at the end of the period would be.
Products and trends in the hospitality and tourism : Name three sources of information about the latest products and trends in the hospitality and tourism industries.
What are the totals for the debit and credit columns : Flinn's Forest Products showed, Assuming all accounts have normal balances, what are the totals for the debit and credit columns in the trial balance?
Briefly describe which approach is better : When dealing with problems, briefly describe which approach is better? How it is better?
Good conflict resolution technique : You have been hired as a consultant to improve communication between engineering and marketing staff in a large high-technology company.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd