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.

Identify and match significant labor laws and legal doctrines with their descriptions and implications on labor relations.

Understand the transition of the United States from an agrarian to an industrial society and its impact on the labor force.

Recognize the historical development and objectives of the American Federation of Labor (AFL).

Identify the foundations and decline of the National Labor Union and the Knights of Labor.

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Definitions:

Liability Balances

The current amounts owed by a business to creditors, typically reported on the balance sheet.

Adjusted Trial Balance

A financial statement that lists all account balances in the general ledger after adjustments have been made, ensuring that total debits equal total credits.

Balance Sheet

A ledger entry that captures the financial position of an enterprise, recording assets, liabilities, and shareholder equity on a particular date.

Financial Statements

These are formal records of the financial activities and condition of a business, person, or other entity, typically including the balance sheet, income statement, and cash flow statement.