A Physical Count of Supplies on Hand at the End

question 99

Multiple Choice

A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,250 of supplies on hand. The general ledger balance before any adjustment is $2,100. What is the adjusting entry for office supplies that should be recorded on May 31?

• A) Debit Supplies Expense $1,250 and credit Supplies $2,100.
• B) Debit Prepaid Supplies $850 and credit Supplies Expense $850.
• C) Debit Supplies $1,250 and credit Cash $1,250.
• D) Debit Supplies Expense $1,250 and credit Supplies $1,250.
• E) Debit Supplies Expense $850 and credit Supplies $850.

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Definitions:

Full Potential

The highest or utmost level of performance, achievement, or utilization that an individual or entity can attain.

Internal Doubts

Feelings of uncertainty or lack of confidence that originate from within oneself, often regarding one’s abilities, choices, or identity.

Self-Esteem

An individual's subjective evaluation of their own worth, including beliefs about oneself.

Object Relations

A school of psychodynamic thought that emphasizes the real (as opposed to fantasized) relations an individual has with others.