The Policy at Adler Corporation Is to Expense All Office

question 152

Multiple Choice

The policy at Adler Corporation is to expense all office supplies at the time of purchase.On the last day of the accounting period, there are $1,100 of unused office supplies on hand and the balance of supplies expense is $3,500.What should the accountant do?

• A)Debit Supplies and credit Supplies Expense for $1,100.
• B)Nothing, company policy says to expense supplies when purchased.
• C)Convince management to change its policy to avoid problems in the future.
• D)Debit Supplies Expense for $2,400 and credit Supplies for $2,400.

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