At the Beginning of December,Global Corporation Had $2,000 in Supplies

question 155

Multiple Choice

At the beginning of December,Global Corporation had $2,000 in supplies on hand.During the month,supplies purchased amounted to $3,000,but by the end of the month the supplies balance was only $800.What is the appropriate month-end adjusting entry?

• A)Debit Cash $4,200,credit Supplies $4,200.
• B)Debit Supplies $4,200,credit Supplies Expense $4,200.
• C)Debit Supplies Expense $4,200,credit Supplies $4,200.
• D)Debit Cash $800,credit Supplies $800.

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Definitions:

NAICS

The North American Industry Classification System; a standard used by federal statistical agencies for classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. economy.

Industry Definitions

Specific terms and jargon used within a particular sector to describe processes, tools, roles, and standards.

Six-Digit Coding

A reference to standardized codes, such as those in classification systems, that use six digits to categorize detailed information.

Industry Subsector

A specific, defined part of a broader industry, characterized by a unique set of products, services, or manufacturing processes.