Reference no: EM133004499
Problem 1: Frontier Company purchased supplies costing $2,500 on January 1st. At the end of the year, a supply count shows the balance to be $1,000. The adjusting journal entry to record this would include:
a)Credit to Supplies for $1,000
b) Debit to Supplies for $1,500
c) Credit to Cash for $2,500
d) Debit to Supplies Expense for $1,500
Problem 2: Adjustments for depreciation:
a) increase expenses and increase assets
b) decrease assets and increase revenues
c) decrease assets and increase expenses
d) decrease liabilities and increase revenues
Problem 3: At March 31, Winston Company's unadjusted trial balance shows Prepaid Insurance of $1,200. This insurance was purchased on January 1st of the same year and covers 12 months. Before adjustments, the company's:
a) Expenses would be overstated
b) Net income would be overstated.
c) Liabilities would be overstated
d) Assets would be understated
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: What the adjusting journal entry to record this would include? At the end of the year, a supply count shows the balance to be $1,000.
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