During Its First Year of Business, XYZ Inc

question 78

Multiple Choice

During its first year of business, XYZ Inc. purchased $1,600 of supplies. By the end of the year, only $500 of supplies remain in the supply cabinet. Determine the amount to be reported in the Supplies account in the Adjusted Trial Balance section of the worksheet prepared on December 31.

• A)$500
• B)$1,600
• C)$1,100
• D)$2,100

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Definitions:

Mental Events

Phenomena that occur within the mind or consciousness, including thoughts, feelings, beliefs, and intentions.

Physical Events

Occurrences or phenomena that involve changes in the state or motion of physical objects.

Solipsism

The view that we can know only of the existence of our own minds: sometimes called the egocentric predicament.

Emotions

Complex psychological states that involve physical arousal, expressive behaviors, and conscious experience.