The Balances in Sanchez Accounting Services' Office Supplies Account on February

question 14

Multiple Choice

The balances in Sanchez Accounting Services' office supplies account on February 1 and February 28 were $1,200 and $375,respectively.If the office supplies expense for the month is $1,900,what amount of office supplies was purchased during February?

• A)$1,075
• B)$1,500
• C)$1,525
• D)$2,325
• E)$3,100

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Definitions:

Unearned Revenue

Funds paid to a company for products or services that are still to be provided or executed.

Income Statement

A financial statement that displays a company's revenues, expenses, and net income over a specific period, demonstrating the financial performance of the business.

Net Loss

Net loss occurs when a company's expenses exceed its revenues during a specific accounting period, indicating financial loss.

Adjustments Columns

Columns in accounting journals or ledgers used to make corrections or modifications to financial entries for accurate reporting.