Use This Information to Answer the Following Question

question 17

Multiple Choice

Use this information to answer the following question. The trial balance for Nowwick Company appears as follows:
If on December 31,2014,supplies on hand were $120,the adjusting entry would contain a

• A)credit to Supplies for $120.
• B)credit to Supplies Expense for $180.
• C)debit to Supplies Expense for $180.
• D)debit to Supplies for $120.

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Definitions:

Amount Owing

The total sum of money that is due or payable to another party.

Not to Commit Waste

A principle obligating a party to avoid causing damage or destruction to property.

Quiet Possession

The right of a tenant or property owner to use and enjoy their property without interference.

Acceleration Clause

A provision in a loan or mortgage agreement allowing the lender to demand payment of the entire loan balance under certain conditions.