On January 1,20B,the Ledger of Global Corporation Correctly Showed Supplies

question 50

Multiple Choice

On January 1,20B,the ledger of Global Corporation correctly showed supplies inventory of $500.During 20B,supplies purchases amounted to $700.A count (inventory) of supplies on hand at December 31,20B,showed $400.The 20B income statement should report supplies expense amounting to which of the following?

• A)$700.
• B)$800.
• C)$1,100.
• D)$1,200.

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Definitions:

Accounting Period

A specific period of time in which financial transactions are recorded and financial statements are prepared.

Prepaid Rent Expense

An account representing rent payments made in advance for future periods, which is gradually expensed over the benefit period.

Contra-Asset

An asset account where the balance is expected to be a debit balance but is instead a credit balance, such as accumulated depreciation.

Worksheet

A spreadsheet used by accountants to prepare adjusting entries, financial statements, and to ensure the accounts balance before closing.