On January 1, 200X the Post Company started the year with a balance of $1,000 in
ID: 2380462 • Letter: O
Question
On January 1, 200X the Post Company started the year with a balance of $1,000 in the supplies account. During the year the company purchased supplies for $2,000. On December 31, 200X there was $1,200 of supplies on hand. What adjusting entry would be made on December 31, 200X?
Debit Supplies $1,800; Credit Cash $1,800
Debit Supply Expense $2,000; Credit cash $2,000
Debit Supply Expense $1,800; Credit Supplies $1,800
Debit Supply Expense $1,200; Credit Supplies $1,200
Central Company purchased equipment on January 1, 200X for $12,000. The equipment has a useful life of six years. What adjusting entry would be made for 200X to record depreciation expense?
Debit depreciation expense $2,000; credit cash $2,000.
Debit depreciation expense $12,000; credit cash $12,000.
Debit depreciation expense $2,000; credit equipment $2,000.
Debit depreciation expense $2,000; credit accumulated depreciation $2,000.
Debit Supplies $1,800; Credit Cash $1,800
Debit Supply Expense $2,000; Credit cash $2,000
Debit Supply Expense $1,800; Credit Supplies $1,800
Debit Supply Expense $1,200; Credit Supplies $1,200
Central Company purchased equipment on January 1, 200X for $12,000. The equipment has a useful life of six years. What adjusting entry would be made for 200X to record depreciation expense?
Debit depreciation expense $2,000; credit cash $2,000.
Debit depreciation expense $12,000; credit cash $12,000.
Debit depreciation expense $2,000; credit equipment $2,000.
Debit depreciation expense $2,000; credit accumulated depreciation $2,000.
Explanation / Answer
Adjusting entry to record the supply expenses:
Debit Supply Expense $1,800; Credit Supplies $1,800
Adjusting entry to record the depreciation expense:
Debit depreciation expense $2,000; credit accumulated depreciation $2,000.
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