A corporation started business this year and it purchased $5,000 of office supplies and debited supplies for the full cost. Supplies on hand at the end of the accounting period were $1,300. The company's appropriate adjusting journal entry to be made would be a O debit to Supplies Expense for $3,700 and a credit to Supplies for $3,700. O debit to Supplies Expense for $1,300 and a credit to Supplies for $1,300. O debit to Supplies for $3,700 and a credit to Supplies Expense for $3,700. debit to Supplies for $1.300 and a credit to Supplies Expense for $1,300. No adjusting entry is necessary.

A corporation started business this year and it purchased $5,000 of office supplies and debited supplies for the full cost. Supplies on hand at the end of the accounting period were $1,300. The company's appropriate adjusting journal entry to be made would be a O debit to Supplies Expense for $3,700 and a credit to Supplies for $3,700. O debit to Supplies Expense for $1,300 and a credit to Supplies for $1,300. O debit to Supplies for $3,700 and a credit to Supplies Expense for $3,700. debit to Supplies for $1.300 and a credit to Supplies Expense for $1,300. No adjusting entry is necessary.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
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