Wiggly Pet Store Had $6,000 of Supplies at the End

question 101

Multiple Choice

Wiggly Pet Store had $6,000 of supplies at the end of October.During November,the company bought $2,000 of supplies.At the end of November,the company had $1,000 of supplies remaining.Which of the following statements is not correct?

• A) During November, the company used $7,000 of supplies.
• B) Supplies should be reported at $1,000 on the balance sheet.
• C) An expense should be debited for $7,000 in November.
• D) An asset should be debited for $1,000 in November.

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Definitions:

State Income Taxes

Taxes levied by individual states on the income of residents and sometimes non-residents earning income within the state.

Schedule A

A form used by U.S. taxpayers to itemize deductions on their federal income tax return.

Uniforms

Uniforms are specific sets of clothing worn by members of the same organization or employees of a particular company, often required for identification or to maintain a professional appearance.

Appraisal Fees

Charges for the professional assessment of a property's value, typically incurred during the buying or selling process or for loan considerations.