Reference no: EM133102305

Question - Wendy purchased $750 worth of supplies for her office at the beginning of the year. At the end of the year she calculated that the value of her office supplies was $250.

Required -

Q1. What is the value of the office supplies used over this period?

1. $1000

2. $750

3. $250

4. $500

Q2. How would Wendy calculate the value of the office supplies over the period?

1. Add the value at the end of the year to the purchase value

2. Subtract the value at the end of the period from the purchase value

3. Divide the purchase value by 12

4. Multiply the value at the end of the period by 12

Q3. What is Wendy's goal in making an adjustment to her office supplies expense?

1. To write off as much as possible when she reports her income

2. To reduce her assets

3. To record the amount that was used an expense and the value of what is left as an asset

4. None of the above