The Balance in the Supplies Account on June 1 Was

question 242

Multiple Choice

The balance in the supplies account on June 1 was $5,200, supplies purchased during June were $3,500, and the supplies on hand at June 30 were $3,000. The amount to be used for the appropriate adjusting entry is

• A) $3,500.
• B) $5,700.
• C) $6,500.
• D) $11,700.

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Definitions:

Invoice

A document issued by a seller to a buyer that details a transaction and requests payment for goods or services provided.

Debit

An entry recorded on the left side of a ledger account that increases an asset or expense account, or decreases a liability, equity, or revenue account.

Credit

A financial arrangement where goods, services, or money is received in exchange for a promise to pay back later, often with interest.

"Dr"

An abbreviation for "debit record," indicating an entry on the left side of an account, representing an increase in assets or expenses.