On January 1, Smith Had $2,000 of Supplies on Hand

question 5

True/False

On January 1, Smith had $2,000 of supplies on hand. During January, Smith purchased $4,000 worth of new supplies. At the end of the month, a count revealed $1,000 worth of supplies remaining on the shelves. The adjustment entry needed will include a debit to Supplies Expense of $5,000. The supplies were initially recorded as an asset.

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Definitions:

Embryo

The early developmental stage of plants and animals, during which the organism is in its earliest form after fertilization.

Sexual Maturation

The process of achieving reproductive ability and development of secondary sexual characteristics.

Pubescence

The condition of having covered or partially covered surfaces in fine hairs or fuzz, often observed on plants or young animals.

Ovarian Follicle

In animals, oocyte and surrounding follicle cells.