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3 years ago

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The adjusting entry to account for use of supplies consists of a: Multiple Choice debit to Supplies Expense and a credit to Supp

lies. debit to Supplies and a credit to Supplies Expense. debit to Supplies and a credit to Accumulated Depreciation. debit to Accumulated Depreciation and a credit to Supplies.

1 answer:

barxatty [35]3 years ago

3 0

Answer:

debit to Supplies Expense and a credit to Supplies

Explanation:

The adjusting entry to use the supplies is shown below:

Supplies expense Dr XXXXX

To Supplies XXXXX

(Being the supplies is adjusted)

For recording the adjusting journal entry, we debited the supplies expense and credited the supplies so that the proper posting could be done

Hence, the first option is correct

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Aliun [14]

Answer:

See explanation section

Explanation:

(a) December 1 Cash Debit $18,000

Unearned revenue Credit $18,000

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(b) December 31 Unearned revenue Debit $3,600

Service revenue Credit $3,600

<em>Note: As the company started performing, after the completion of 1st month, i.e., December 1 to December 31, the advance money started expiring because of providing services. Moreover, as the service is performed evenly for 5 months, the 1st month's revenue = $(18,000/5) = $3,600.</em>

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The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be:

Nataly [62]

Answer:

b. Dec. 31

Income Summary 925

Fees Earned 750

Rent Revenue 175

Explanation:

At the end of each accounting period, the elements of the income statements which are the revenues earned and the expenses incurred are usually closed to the income summary account.

The revenue earned which is normally a credit balance is closed by debiting the account and crediting the income summary. The expenses are closed by crediting the account and debiting the income summary.

Hence if Fees Earned, $750, and Rent Revenue, $175,

Total revenue = $750 + $175

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Answer:

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Answer:

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