At the beginning of December, Global Corporation had $2,000 in supplies on hand.

Q: At the beginning of December, Global Corporation had $2,000 in supplies on hand.

15./ SUPPLIES EXPENSES = BEGINNING INVENTORY + PURCHASES - ENDINNING INVENTORY = $2000 + $3000 - $800 = $4200 JOURNAL ENTRY SUPPLIES EXPENSES A/C.......DR $4200 TO SUPPLIES $4200 ANSWER OPTION C 16./ ANSWER OPTION D. DESCRIPTION AMOUNT SERVICE REVENUE $30000 LESS SALARIES EXPENSES ($4500) LESS MISC EXPENSES ($20000) NET INCOME $5500

ID: 2486770 • Letter: A

Question

At the beginning of December, Global Corporation had $2,000 in supplies on hand. During the month supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry? Debit Cash $4,200, credit Supplies $4,200. Debit Supplies $4,200, credit Supplies Expense $4,200. Debit Supplies Expense $4,200, credit Supplies $4,200. Debit Cash $800, credit Supplies $800. The following table contains financial information for Trumpeter Inc. before closing entries: What is Trumpeter's net income? $3,500. $2,500. $5,000. $5,500.

Explanation / Answer

15./

SUPPLIES EXPENSES

= BEGINNING INVENTORY + PURCHASES - ENDINNING INVENTORY

= $2000 + $3000 - $800

= $4200

JOURNAL ENTRY

SUPPLIES EXPENSES A/C.......DR $4200

TO SUPPLIES $4200

ANSWER OPTION C

16./

ANSWER OPTION D.

DESCRIPTION AMOUNT SERVICE REVENUE $30000 LESS SALARIES EXPENSES ($4500) LESS MISC EXPENSES ($20000) NET INCOME $5500

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At the beginning of December, Global Corporation had $2,000 in supplies on hand.

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