The correct answer is $500.
An adjusted trail balance is prepared at the end of the accounting period. On this statement you will have what the value of the supplies in inventory is on the last day of the accounting cycle. In this example there are $500 worth of supplies left, which is why it is the correct answer.
Answer:
<u>Equipment:</u>
Dr. Cr.
Depreciation Expense $5,520
Accumulated Depreciation $5,520
<u>Land:</u>
Land never depreciates, so there is no adjusting entry for the Land purchased on year end.
Explanation:
Year end is not given in the data so, it is assumed the December 31 is the end of the year
Equipment
Depreciation for the year = ( Purchase price - Residual value ) / useful life
Depreciation for the year = ( $32,000 - $4,400 ) / 5 years
Depreciation for the year = $5,520
Answer:
D) Paying a fee at another financial institution to cash the check. thats the answer
Explanation:
Confirm accounts receivable ending balances and sales terms, such as right of return and consignment arrangements.-- Existence and accuracy
What is an Accounts Receivable Confirmation?
When an auditor is examining the accounting records of a client company, a primary technique for verifying the existence of accounts receivable is to confirm them with the company's customers. The auditor does so with an accounts receivable confirmation
What does it mean to confirm account?
Account verification is the process of verifying that a new or existing account is owned and operated by a specified real individual or organization. A number of websites, for example social media websites, offer account verification services.
Learn more about Confirm account receivable:
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