Phil Ruffin bought treasure island
Answer:
Following are the solution to the given point.
Explanation:
For question 1:
Economic gains are distinct from bookkeeping gains. Accounting value also takes into account the cost of potential.
that's why "option a" is correct.
For question 2:
The "option d" is correct.
For question 3:
The "option c" is correct.
D expert power. I believe because they know most about that one thing making them an expert.
Answer:
Debit Supplies expense $4,900
Credit Supplies account $4,900
Explanation:
When supplies are purchased, the entries required includes a debit to supplies account, and a credit cash or accounts payable (depending on whether the purchase was done via cash or on account).
For supplies used up, Debit supplies expense and credit Supplies account. The movement in the supplies account over a period is as a result of purchases and use such that it may be expressed as
opening balance + purchases - supplies used = Closing balance
$1750 + $3,500 - supplies used = $350
Supplies used = $1750 + $3,500 - $350
= $4,900
