Use This Information to Answer the Following Question

question 60

Multiple Choice

Use this information to answer the following question. The trial balance for Nowwick Company appears as follows:

-If on December 31,20x5,supplies on hand were $120,the adjusting entry would contain a

• A)credit to Supplies for $120.
• B)credit to Supplies Expense for $180.
• C)debit to Supplies Expense for $180.
• D)debit to Supplies for $120.

---

Definitions:

Price

The amount of money required to purchase a good or service.

Income Statement

A financial statement that shows profits or losses at one point in time.

Profitability

The ability of a business to earn a profit, calculated as the difference between its revenue and expenses.

Finance Manager

A professional responsible for managing an organization's financial health by planning, directing, and coordinating investments.