The Unadjusted Trial Balance Columns of a Company's Work Sheet

question 97

Multiple Choice

The Unadjusted Trial Balance columns of a company's work sheet shows the Store Supplies account with a balance of $750. The Adjustments columns shows a credit of $425 for supplies used during the period. The amount shown as Store Supplies in the Balance Sheet columns of the work sheet is:

• A) $425 debit.
• B) $750 debit.
• C) $425 credit.
• D) $325 credit.
• E) $325 debit.

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Definitions:

Fair Value Through Other Comprehensive Income

A financial accounting method where certain assets are revalued periodically and changes are recorded in other comprehensive income.

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.

Fair Value Through Other Comprehensive Income

An accounting treatment for certain investments that are measured at their fair value with changes recognized in other comprehensive income until the investment is sold or disposed of.

Common Shares

Equity securities that represent ownership in a corporation, providing voting rights and a share in the company's profits through dividends.