Use This Information Pertaining to the Alvino Corporation to Answer $\$ 200$

question 56

Multiple Choice

Use this information pertaining to the Alvino Corporation to answer the following question. 1. The corporation's Store Supplies account showed a beginning debit balance of $\$ 200$ and supplies purchased of $\$ 800$ . There were $\$ 300$ of supplies on hand at year end.
2. Depreciation on a building is estimated to be $\$ 5,000$ .
3. A one-year insurance policy was purchased for $\$ 2,000$ . Three months have passed since the purchase.
4. Acciued interest on a note receivable amounted to $\$ 100$ .
5. The company received a $\$ 3,600$ advance payment during the year on services to be performed. By the end of the year, one-fourth of the services had been performed. The adjusting entry for Store Supplies would be

• A)\(\begin{array}{lll}
• \text { Store Supplies Expense } & 700 & \\
• \text { Store Supplies } & & 700
• \end{array}\)
• B)\(\begin{array}{llr}
• \text { Store Supplies Expense } &800\\
• \text { Store Supplies } &&800\\
• \end{array}\)
• C)\(\begin{array}{llr}
• \text { Store Supplies } &700\\
• \text { Store Supplies Expense} &&700\\
• \end{array}\)
• D)\(\begin{array}{llr}
• \text { Store Supplies Expense } &300\\
• \text {Store Supplies } &&300\\
• \end{array}\)

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