A Company Started the Year with $400 of Supplies

question 8

Multiple Choice

A company started the year with $400 of supplies.During the year,the company purchased an additional $1,200 of supplies.There were $700 of supplies on hand at the end of the year.An adjusting entry prepared at the end of the accounting period includes a:

• A)debit to Supplies for $800.
• B)debit to Supplies for $700.
• C)debit to Supplies Expense for $900.
• D)debit to Supplies Expense for $600.

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Definitions:

Tukey's Method

A statistical method used to identify outliers in a data set, named after John Tukey.

Fisher's LSD Method

A post hoc test used in ANOVA for making pairwise comparisons between group means, assuming homogeneity of variances and usually applied after finding a significant F-test.

F-Test

A statistical test used to compare the variances of two populations to ascertain if they come from populations with equal variances.

ANOVA

Stands for "Analysis of Variance," a statistical method used to compare the means of three or more samples.