On December 31 of the Current Year,Holmgren Company's Bookkeeper Made

question 16

Multiple Choice

On December 31 of the current year,Holmgren Company's bookkeeper made an entry debiting Supplies Expense and crediting Supplies on Hand for $12,600.The Supplies on Hand account had a $15,300 debit balance on January 1.The December 31 balance sheet showed Supplies on Hand of $11,400.Only one purchase of supplies was made during the month,on account.The entry for that purchase was

• A) debit Supplies on Hand,$8,700 and credit Cash,$8,700.
• B) debit Supplies Expense,$8,700 and credit Accounts Payable,$8,700.
• C) debit Supplies on Hand,$8,700 and credit Accounts Payable,$8,700.
• D) debit Supplies on Hand,$16,500 and credit Accounts Payable,$16,500.

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Definitions:

Monetary Cost

The amount of money that must be paid to buy, maintain, or use something.

Informed Consent

Informed consent is a process in which researchers provide potential participants with all relevant information about a study, ensuring they understand the risks and benefits before agreeing to participate.

Hypothesis

An assertion about what is true in a particular situation; often, a statement asserting that two or more variables are related to one another.

Procedures

A set of established methods or steps taken to perform a particular task or to achieve a specific goal.