On January 1, 20B, the Ledger of Global Corporation Correctly

question 33

Multiple Choice

On January 1, 20B, the ledger of Global Corporation correctly showed supplies inventory of $500. During 20B, supplies purchases amounted to $700. A count (inventory) of supplies on hand at December 31, 20B, showed $400. The 20B income statement should report supplies expense amounting to which of the following?

• A) $1,100.
• B) $1,200.
• C) $700.
• D) $800.

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Definitions:

Priming

A phenomenon in psychology where exposure to one stimulus influences a response to a subsequent stimulus, without conscious guidance or intention.

Ambulance

A vehicle equipped for transporting emergency personnel and patients in need of urgent medical care to and from healthcare facilities.

Serious Illness

Health conditions that have a significant impact on a person’s daily life, potentially life-threatening and requiring complex care.

Recency Effect

The tendency to remember the most recently presented information best.