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.

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Definitions:

Negotiable Instrument

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Promissory Note

A written promise to pay a specified sum of money to a certain individual or entity under agreed-upon terms.

Fraudulent Payment

A transaction made with the intent to deceive, defraud, or mislead another party, typically involving the transfer of funds.

Online Transaction Systems

Digital platforms and methods used for conducting financial transactions over the internet.