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What adjustment will appear on work sheet

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Reference no: EM133007193

Problem 1: Which situation indicates a loss on the income statement?

a. Total debits equal total credits

b.Total credits exceed total debits

c. Total debits exceed total credits

d. None of the above

Problem 2: Supplies has a P60,000 unadjusted balance on your trial balance. At year-end you count supplies of P20,000. What adjustment will appear on your work sheet?

a. Supplies 40,000

Supplies Expense 40,000

b. Supplies Expense 20,000

Supplies 20,000

C. Supplies Expense 40,000

Supplies 40,000

d. No adjustment is needed because the Supplies account already has a correct balance.

 

Reference no: EM133007193

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