The Beginning Balance in the Supplies Account Was $3,000

question 102

Essay

The beginning balance in the Supplies account was $3,000.Purchases of supplies during the year were $25,000.The business makes adjusting entries for supplies once a year.A count of supplies at year-end revealed that the ending balance in the Supplies account should be $1,500.What is the amount of the adjusting entry?
A) $1,500
B) $25,000
C) $26,500
D) $3,000

• A) $1,500
• B) $25,000
• C) $26,500
• D) $3,000

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Definitions:

Social Facilitation Effects

Describes how the presence of others enhances or improves an individual's performance on simple or well-learned tasks but can impair performance on complex or new tasks.

Distraction/Conflict Theory

A theory suggesting that the presence of distractions or conflicting stimuli during a task can lead to decreased performance due to divided attention.

Cognitive Factors

Mental processes that influence understanding, decision making, and behaviour.

Simple Tasks

Activities or duties that are straightforward and uncomplicated, requiring minimal skill or effort to complete.