contestada

Smith company has a balance in office supplies of $1350 before adjustment. Office supplies of $650 remain at the end of the year. The adjusting entry would be:_____.
A. Office Supplies 1,050
Supplies Expense 1,050
B. Office Supplies 350
Supplies Expense 350
C. Supplies Expense 1,050
Office Supplies 1,050
D. Supplies Expense 350
Office Supplies 350

Respuesta :

Smith company has a balance in office supplies of $1350 before adjustment. Office supplies of $650 remain at the end of the year. The adjusting entry would be: Supplies Expense 1,050 Office Supplies 1,050

Liquid assets represent the cost of inventory available at a particular point in time. This account usually appears after the inventory account on the balance sheet. The relevant account is Consumables Expenses, which appear on your income statement.

Inventories are usually classified as current assets until they are actually used. When supplies are used, they are converted into costs. Inventories may be considered current assets if their dollar value is significant.

Look at the starting balance of your reserve account and subtract your current reserve balance from that balance. For example, if your supplies account balance is $ 790, the cost of consumables used during that period is $ 220.

Learn more about Expenses here: https://brainly.com/question/14279491

#SPJ4

Otras preguntas