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

question 105

Multiple Choice

When an employer 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.

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Definitions:

Tariffs

Taxes on imported goods, implemented by a government to protect domestic industries from foreign competition or to generate revenue.

Textiles

Materials made from fibers, filaments, threads, or yarns, suitable for use in the production of fabrics and other goods.

Price Of Labor

Refers to the wage rate, or the amount of compensation workers receive in exchange for their labor.

Sri Lanka

An island country in South Asia, located in the Indian Ocean southwest of the Bay of Bengal and southeast of the Arabian Sea.