In Its First Period of Operations, Lake of Fire Company

question 67

Multiple Choice

In its first period of operations, Lake of Fire Company purchased supplies costing $7,000 and debited Supplies for the full amount.At the end of the accounting period, a physical count of supplies revealed $1,900 still on hand.The appropriate adjusting journal entry to be made at the end of the period would be

• A)Debit Supplies Expense, $1,900; Credit Supplies, $1,900.
• B)Debit Supplies, $5,100; Credit Supplies Expense, $5,100.
• C)Debit Supplies Expense, $5,100; Credit Supplies, $5,100.
• D)Debit Supplies, $1,900; Credit Supplies Expense, $1,900.

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Definitions:

Observational Learning

Gaining behaviors by observing and emulating others.

Aggressive Behaviour

Actions intended to harm or cause discomfort to another, driven by various factors including environmental, biological, and psychological.

Physical Punishment

The use of physical force with the intention of causing a child to experience pain, but not injury, for the purpose of correction or control.

Operant Behaviour

A type of learning where behavior is controlled by consequences (reinforcements or punishments).