Debates between the state government and the federal government about which level of
Creative products? let’s see maybe like moving or like robotic lamps?
Answer: The answer is as follows:
Explanation:
1. Good : Goods refers to an item or material that can be used by the consumer to satisfy their wants and it is tangible in nature. For example; mobile phone, pen, pencil, etc.
2. Service: Service is intangible in nature. Service is provided by the other person which includes medical services by doctors, travelling services, etc.
3. Free good: A free good is a good that is available at a zero price and a good that is not scarce in quantity. For example; ideas, web page, sunlight, etc.
Answer:
- The amount expensed by the end of the year is $520.
- The balance in the supplies account at the end of the year, after the adjusting entries have been prepared and posted is $2,000.
Explanation:
To calculate the amount of supplies that was expensed, we simply deduct the closing balance of $2,000 from the opening balance of $2,520, as follows: $2,520 - $2,000 = $520. So, the amount of $520 was expensed during the year and the appropriate entries recorded will be:
Debit Supplies expense $520
Credit Supplies $520
<em>(To record the amount of supplies expensed)</em>
