If the January 1 Balance in the Supplies Account for a Company

question 90

Multiple Choice

If the January 1 balance in the Supplies account for a company was $520, the company purchased an additional $380 of supplies during the month, and a physical count of the supplies indicates that $235 of supplies is on hand at the end of January, the adjusting entry on January 31 for supplies should be:

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Definitions:

Chain Restaurants

Restaurants that are part of a series or network, offering a similar dining experience across multiple locations.

Online Ordering

The process of purchasing goods or services via the Internet, often through vendor websites or applications.

Lack of Experience

The absence of prior exposure or familiarity with specific tasks, situations, or fields of endeavor.

Running

The action or activity of moving swiftly on foot, typically at a speed where both feet are off the ground simultaneously at regular intervals.