Given the Following Data, What Is the Amount in the Supplies

question 51

Multiple Choice

Given the following data, what is the amount in the supplies account to be shown as an asset on the balance sheet at the end of the period?

• A) $350
• B) $550
• C) $375
• D) $425

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Definitions:

Illusory Promise

Describes a statement or agreement that appears to be a promise but is too vague or has terms that allow the promisor to avoid any real obligation.

Consideration

Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Student Debt

Loans accumulated through financing higher education, often a significant financial burden for graduates.

Bilateral Contract

A legal agreement in which both parties make promises to perform certain actions or obligations.