First year transactions of Service Company included the acquisition of $8,400 of office supplies that were recorded as an asset. If supplies on hand at the end of the year amount to $2,300, the adjusting entry for office supplies will include? a. A debit to office supplies of $2,300 b. A credit to office supplies of $2,300 c. A credit to office expense of $2,300 d. A debit to office supplies expense of $6,100

Assets that are expected to be converted to​ cash, sold, or used up during the next 12​ months, or within the​ business's normal operating cycle if the cycle is longer than a​ year, are called​ ________ assets.   A. long−term   B. intangible   C. plant   D. current

The Oriole Company purchased equipment for $16800 on December 1. It is estimated that annual depreciation on the computer will be $3360. If financial statements are to be prepared on December 31, the company should make the following adjusting entry debit Equipment, $16800; credit Accumulated Depreciation, $16800. debit Depreciation Expense, $13440; credit Accumulated Depreciation, $13440. debit Depreciation Expense, $280; credit Accumulated Depreciation, $280. debit Depreciation Expense, $3360; credit Accumulated Depreciation, $3360.

Depletion Earth's Treasures Mining Co. acquired mineral rights for $42,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 11,600,000 tons were mined and sold. a.  Determine the depletion rate. If required, round your answer to two decimal places. b.  Determine the amount of depletion expense for the current year. c.  Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.

The draft financial statements of Enjoy Ltd for the year ended 31 December 20X6 are given below. The following additional information is also provided: (i) Plant with an original cost of $800 and accumulated depreciation of $600 was sold for $200. (ii) Interest expense was $350 of which $140 was paid during the period. $130 relating to interest expense of the prior period was also paid during the period. (iii) Investment income included $250 of interest that was received during the period and $250 of interest still to be received. The $250 of interest still to be received is included within other receivables. (iv) Investment income also included $300 of dividend that was received. Statement of Profit and Loss for the year ended 31 December 20X6: Sales                                                                                           44,870 Cost of sales                                                                              31,000 Gross Profit…

Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $80,000 of services on account. 2. Collected $48,000 cash from accounts receivable. 3. Paid $32,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $23,680 1,600 2,240 1,920 2,560 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.30 0.50 Allowance Balance Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1?