2. Question: The supplies account has a balance of $1,200 at the beginning of th

Question

2. Question:

The supplies account has a balance of $1,200 at the beginning of the year and was debited during the year for $2,300, representing the total of supplies purchased during the year. If $650 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is

Student Answer:

        

650

   

        

1,750

   

        

4,150

   

        

2,850

   

3. Question:

The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed

Student Answer:

        

historical cost

   

        

contra asset

   

        

book value

   

        

market value

   

4. Question:

Generally accepted accounting principles require that companies use the ____ of accounting.

Student Answer:

        

cash basis

   

        

deferral basis

   

        

accrual basis

   

        

account basis

   

5. Question:

The type of account and normal balance of Accumulated Depreciation is

Student Answer:

        

asset, credit

   

        

asset, debit

   

        

contra asset, credit

   

        

650

   

        

1,750

   

        

4,150

   

        

2,850

   

Explanation / Answer

3. Book Value 4. Accrual Basis 5. Contra Asset, Credit 6. Smith, Capital
7. 82000 8. Decrease expense

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