Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 3, Problem 2MCQ
To determine
Prepare adjusting entry to record the supplies account.
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Multiple Choice Quiz: Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physical count of supplies shows $125 of unused supplies still available. The required adjusting entry is: a. Debit Supplies $125; credit Supplies Expense $125. b. Debit Supplies $325; credit Supplies Expense $325. c. Debit Supplies Expense $325; credit Supplies $325. d. Debit Supplies Expense $325; credit Supplies $125. e. Debit Supplies Expense $125; credit Supplies $125.
Using the percentage - of - sales method , the estimated total uncollectible accounts are $6,722. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $3,135. The Accounts Receivable balance is $44,520. The amount of the adjusting entry for Uncollectible accounts expense is :
A.
$9,857.
B.
$3,135.
C.
$6,722.
D.
$3,587.
The entry to record a payment on a $690 account within the 2% discount period would include a:
A.
debit to Accounts Payable for
$676.
B.
debit to Purchases for
$676.
C.
debit to Accounts Payable for
$690.
D.
debit to Cash for
$690.
Chapter 3 Solutions
Principles of Financial Accounting.
Ch. 3 - Prob. 1MCQCh. 3 - Prob. 2MCQCh. 3 - Prob. 3MCQCh. 3 - Prob. 4MCQCh. 3 - Prob. 5MCQCh. 3 - What is the difference between the cash basis and...Ch. 3 - Prob. 2DQCh. 3 - What type of business is most likely to select a...Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...
Ch. 3 - What contra account is used when recording and...Ch. 3 - Prob. 7DQCh. 3 - If a company initially records prepaid expenses...Ch. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Samsung Assume Samsung has unearned revenue. What...Ch. 3 - Prob. 12DQCh. 3 - Question: QUICK STUDY Periodic reporting C1 Choose...Ch. 3 - Prob. 2QSCh. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Prob. 4QSCh. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Accrued expenses adjustments For each separate...Ch. 3 - Prob. 13QSCh. 3 - Accrued revenues adjustments For each separate...Ch. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Prob. 1ECh. 3 - Classifying adjusting entries P1 P2 P3 P4 In the...Ch. 3 - Question: Adjusting and paying accrued wages P3...Ch. 3 - Question: Determining cost flows through accounts...Ch. 3 - Prob. 5ECh. 3 - Preparing adjusting entries P1 P2 P3 Prepare...Ch. 3 - Prob. 7ECh. 3 - Analyzing and preparing adjusting entries P5...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Question: Computing and interpreting profit margin...Ch. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Preparing adjusting entries P1 P2 P3 P4 For each...Ch. 3 - Prob. 1APCh. 3 - Prob. 2APCh. 3 - Prob. 3APCh. 3 - Prob. 4APCh. 3 - Prob. 5APCh. 3 - Prob. 1BPCh. 3 - Prob. 2BPCh. 3 - Prob. 3BPCh. 3 - Prob. 4BPCh. 3 - Prob. 5BPCh. 3 - Question: SERIAL PROBLEM Business Solutions P1 P2...Ch. 3 - Prob. 1AACh. 3 - Prob. 2AACh. 3 - Prob. 3AACh. 3 - Question: TAKING IT TO THE NET A1 Access EDGAR...
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- Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is: a. Debit Office Supplies $254 and credit Office Supplies Expense $254. b. Debit Office Supplies $105 and credit Office Supplies Expense $105. c. Debit Office Supplies Expense $254 and credit Office Supplies $254. d. Debit Office Supplies Expense $105 and credit Office Supplies $105.arrow_forwardA credit sale is made on July 10 for $800, terms 4/10, n/30. On July 12, $150 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 19 Debit Creditarrow_forwardCorrect Answer Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physicalcount of supplies shows $125 of unused supplies still available. The required adjusting entry is:a. Debit Supplies $125; Credit Supplies Expense $125.b. Debit Supplies $325; Credit Supplies Expense $325.c. Debit Supplies Expense $325; Credit Supplies $325.d. Debit Supplies Expense $325; Credit Supplies $125.e. Debit Supplies Expense $125; Credit Supplies $125arrow_forward
- Prior to recording adjusting entries, the Office Supplies account had a $390 debit balance. A physical count of the supplies showed $97 of unused supplies available. The required adjusting entry is: Multiple Choice Debit Office Supplies $97 and credit Cash $293. Debit Office Supplies Expense $97 and credit Office Supplies $97. Debit Office Supplies $293 and credit Office Supplies Expense $293. Debit Office Supplies $97 and credit Office Supplies Expense $97 Debit Office Supplies Expense $293 and credit Office Supplies $293.arrow_forwardOn December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $276. A physical count of the supplies inventory shows that $106 of supplies remain. Question Content Area Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet)Supplies fill in the blank fffd0eff0fe6f82_2 fill in the blank fffd0eff0fe6f82_4 Bal. fill in the blank fffd0eff0fe6f82_5 (Income Statement)Supplies Expense Adj. fill in the blank fffd0eff0fe6f82_6 Feedback Area Feedback Question Content Area If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 Supplies Expense Supplies Expense 1 2 Supplies Supplies 2arrow_forwardANALY SIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze each situation and indicate the correct dollar amount for the adjusting entry. 1. Ending inventory of supplies is 95. 2. Amount of supplies used is 280.arrow_forward
- In the Adjustments columns of the work sheet, record the following adjusting entries: • For merchandise inventory: Debit Income Summary and credit Merchandise Inventory (to remove the beginning inventory); then debit Merchandise Inventory and credit Income Summary (to enter the ending inventory). • For unearned revenue: Debit the unearned revenue account and credit the revenue account (to record revenue earned) • For supplies used: Debit Supplies Expense and credit Supplies. • For expired insurance: Debit Insurance Expense and credit Prepaid Insurance. • For depreciation: Debit Depreciation Expense and credit Accumulated Depreciation. • For accrued wages or salaries: Debit Wages Expense or Salaries Expense and credit Wages Payable or Salaries Payable. Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,045. c. Professional fees earned, $32,100. d. Supplies inventory (on hand), $1,415. e. Insurance expired, $750. f.…arrow_forwardA credit sale of $1000 is made on may 1, terms 2/10, net/30. A return of $100 is granted on may 3. The entry to record the collection of the payment on may 8 would include a debit toarrow_forwardPrior to recording adjusting entries, the Office Supplies account had a $392 debit balance. A physical count of the supplies showed $96 of unused supplies available. The required adjusting entry is: Multiple Choice Debit Office Supplies $96 and credit Supplies Expense $296. Debit Office Supplies Expense $296 and credit Office Supplies $296. Debit Office Supplies $296 and credit Office Supplies Expense $296. Debit Office Supplies $96 and credit Office Supplies Expense $96 Debit Office Supplies Expense $96 and credit Office Supplies $96.arrow_forward
- Goods costing $2,200 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, a $300 credit memo is received from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Creditarrow_forwardSuppose that an organization purchased $800 in supplies to be placed in inventory with cash of $500 and $300 remaining on credit, record the appropriate journal entry.arrow_forwardFlounder Company had the following adjusted account balances at year-end: Cost of Goods Sold $64,510, Inventory $14,660, Operating Expenses $29,240, Sales Revenue $126,730, Sales Discounts $1,140, and Sales Returns and Allowances $1,830.Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to close accounts with credit balances enter a debit amount enter a credit amount enter an account title to close accounts with credit balances enter a debit amount enter a credit amount (To close accounts with credit balances) enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount…arrow_forward
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