Use This Information to Answer the Following Question If on December 31,2010,supplies on Hand Were $20,the Adjusting Entry

question 227

Multiple Choice

Use this information to answer the following question. The trial balance for Tsung Corporation appears as follows:
$\begin{array}{c}\text {Tsung Corporation}\\\text {Trial Balance}\\\text {December 31, 2010}\\\begin{array}{|l|r|r|}\hline\text { Cash } & \$ 200 \\\text { Accounts Receivable } & 500 \\\text { Prepaid Insurance } & 50 \\\text { Supplies } & 150 \\\text { Office Equipment } & 400\\\text { Accumulated Depreciation-Office Equipment } & & \$ 200 \\\text { Accounts Payable } & & 300 \\\text { Common Stock } & &600 \\\text { Service Revenue Earned } & & 500\\\text { Salaries Expense } &100 \\\text { Rent Expense } & 200 & \\&\underline{\$ 1,600} &\underline{\$ 1,600} \\\hline\end{array}\end{array}$
If on December 31,2010,supplies on hand were $20,the adjusting entry would contain a

• A) credit to Supplies for $20.
• B) credit to Supplies Expense for $130.
• C) debit to Supplies Expense for $130.
• D) debit to Supplies for $20.

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Definitions:

Valid Objection

A substantial and justifiable concern raised by a potential customer during the sales process.

Compensation Method

The approach a company takes to remunerate its employees, which can include salary, wages, bonuses, profit sharing, or non-monetary benefits.

Direct Denial

A straightforward rejection or contradiction in sales or negotiations, where a statement or claim is explicitly refuted.

Boomerang Technique

A persuasive strategy where a salesperson turns a customer's objection into a reason to purchase the product or service.