38) Andrew Antiques showed store supplies available during the year of $400. A c

Question

38) Andrew Antiques showed store supplies available during the year of $400. A count of the supplies on hand as of May 31 is $150. The adjusting entry for Store Supplies would include: A) a debit to Store Supplies for $150. B) a credit to Store Supplies Expense for $250. C) a debit to Store Supplies Expense for $250. D) a credit to Store Supplies Expense for $150. 39) Roy purchased a one-year insurance policy for $2,400. The adjusting entry for one month would include a: A) debit to Prepaid Insurance, $200. B) credit to Cash, $200. C) debit to Insurance Expense, $200. D) None of these answers are correct. 40) The capital balance amount shown in the balance sheet column of the work- sheet represents: A) beginning capital plus net income. B) beginning capital plus investments to capital. C) beginning capital less withdrawals. D) beginning capital plus net income less withdrawal. 41) When counting the supplies a file cabinet was forgotten and the adjustment was made based on the incorrect count. This would: A) overstate the period

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Whoever you are...your answers are always wrong. Caution to users...do not use these answers on your test. Why do users post incorrect answers! You shouldn't post anything unless you have checked the text! No cool.

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