When a Business Makes an End-Of-Period Adjusting Entry with a Debit

question 17

Multiple Choice

When a business makes an end-of-period adjusting entry with a debit to supplies expense, the usual credit entry is made to:

• A) Accounts payable.
• B) Supplies.
• C) Cash.
• D) Retained earnings.

Identify different types of courts and their jurisdictions.

Recognize the methods of selecting judges in the U.S. court systems.

Distinguish between terms related to court procedural rules.

Comprehend the impact of the Internet on jurisdiction and legal disputes.

---

Definitions:

Liabilities

Financial obligations or debts owed by a business to external parties or individuals.

Stockholders' Equity

The residual interest in the assets of a corporation that remains after deducting liabilities, essentially the net worth from a shareholder's perspective.

Accumulated Depreciation Accounts

Balance sheet accounts representing the total depreciation of a company's fixed assets over their useful lives.

Liability Accounts

These accounts track what a company owes to others, such as loans, accounts payable, mortgages, and other debts.