What adjusting entry for store supplies expense include

Assignment Help Financial Accounting
Reference no: EM132957974

Problem 1: In preparing the trial balance of Frank's Gardening Service, the Revenue account (which had a normal balance in the general ledger) was mistakenly listed as a debit for $6,000. What will be the difference between the debit and credit sides of the trial balance?

A) $3,000

B) $2,000

C) $12,000

D) $6,000

Problem 2: Walter's Windows showed supplies available during the year of $1,700. A count of the supplies on hand as of October 31 is $600. The adjusting entry for Store Supplies expense would include

A) a debit to Store Supplies Expense for $600.

B) a credit to Store Supplies Expense for $600.

C) a debit to Store Supplies for $1,100.

D) a debit to Store Supplies Expense for $1,100.

Reference no: EM132957974

Questions Cloud

Prepare the necessary journal entries from transaction date : The bonds pay interest annually on February 1 and mature on February 1, 2024. Prepare the necessary journal entries from transaction date
How much was ending inventory : If $4,000 was the beginning inventory, $10,000 in new inventory purchases were made and the cost of goods sold were $7,000, how much was ending inventory?
What is the balance of the scanning equipment account : Depreciation Expense on this item for the month is $200. What is the balance of the scanning equipment account at the end of the month?
Industrial experience report on axiom technologies : Industrial Experience Report on Axiom Technologies - desktop computing environment in a timely and accurate fashion to ensure optimal service delivery
What adjusting entry for store supplies expense include : What the adjusting entry for Store Supplies expense would include? Walter's Windows showed supplies available during the year of $1,700.
What is the total cost of the units started and completed : Department G had 1,800 units 25% completed at the beginning of the period, 13,000 units were completed. What is the total cost of units started and completed
Which errors would cause trial balance to be out of balance : Bob Allen's Company sells a machine it purchased last week for cash equivalent to the original cost of $15,000. This has the effect of?
Role of the supervisor in motivating staff : 1.Imagine that you are the supervisor of 10 people. Your goal is to motivate employees to make better job. One of these employees has shown little cooperation s
Compute for the carrying value on the selling date on july : Interest is payable annually on December 31. The bonds mature on December 31, 2024. Compute for the carrying value on the selling date on July 1, 2023

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!

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