A Company Has $800 in Beginning Supplies and $150 of Supplies

question 116

Multiple Choice

A company has $800 in beginning supplies and $150 of supplies on hand at the end of the month. The adjusting entry for this company is a debit to:

• A)Supplies of $150 and a credit of $150 to Supplies Expense.
• B)Supplies Expense of $150 and a credit of $150 to Supplies.
• C)Supplies Expense of $650 and a credit of $650 to Supplies.
• D)There is not enough information given to prepare the entry.

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Definitions:

Attitude Accessibility

The ease with which an attitude can be retrieved from memory.

Insufficient Justification Effect

A phenomenon where individuals experiencing insufficient external reasons for their actions undergo attitude change to reduce dissonance.

Part-time Tutors

Individuals who provide educational assistance and instruction on certain subjects or skills but do not work full-time hours.

Commitment

The act of dedicating oneself to a cause or activity or the state of being in a long-term engagement.