Use the Information in the Adjusted Trial Balance Presented Below

question 169

Multiple Choice

Use the information in the adjusted trial balance presented below to calculate current assets for Jones Company:

• A) $21,200.
• B) $45,600.
• C) $24,400.
• D) $95,600.
• E) $41,200.

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Definitions:

Accounting

The systematic process of recording, measuring, and communicating financial information to help in decision-making.

Supplies Used

The amount of supplies consumed during a specific period, which may be accounted for as an expense.

Balance Sheet

A ledger entry detailing a business’s resources, debts, and equity ownership at a fixed point in time.

Adjustment

A modification made to an account or financial statement to correct an error or reflect new information.