A Physical Count of Supplies on Hand at the End

question 99

Multiple Choice

A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,250 of supplies on hand. The general ledger balance before any adjustment is $2,100. What is the adjusting entry for office supplies that should be recorded on May 31?

• A) Debit Supplies Expense $1,250 and credit Supplies $2,100.
• B) Debit Prepaid Supplies $850 and credit Supplies Expense $850.
• C) Debit Supplies $1,250 and credit Cash $1,250.
• D) Debit Supplies Expense $1,250 and credit Supplies $1,250.
• E) Debit Supplies Expense $850 and credit Supplies $850.

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Definitions:

Ketose

A type of monosaccharide (simple sugar) where the carbonyl group is a ketone, found in several biochemical pathways.

Aldose

A type of carbohydrate that contains an aldehyde group as its carbonyl functional group.

Glycosides

Compounds formed from a sugar and another compound by replacement of a hydroxyl group in the sugar by another group.

Methyl Glycoside

Glycosides formed by the reaction of a sugar with methanol, where the glycosidic bond is between the sugar and the methyl group.