Question

QUESTION 2 The supplies account has a $3,000 beginning balance. After counting the supplies in the stock room it was determined that $1,000 in supplies are left. What is the adjusting entry? O Debit: supplies expense $2000, Credit: Supplies $2000 O Debit: supplies $1000, Credit: supplies expense $1000 O Debit: supplies expense $1000, Credit: Supplies $1000 O Debit: supplies $2000, Credit: supplies expense $2000

Answer 1

Question 2

Correct answer-------------Debit supplies expense $2000; Credit: Supplies $2000.

$2000 worth of supplies are used during the period so only $2000 will be recorded as expense.

Total supplies available for use	$        3,000.00
Less: Supplies in the end of year	$        1,000.00
Supplies used and charged as expense	$        2,000.00

Question 8

Correct answer-------------Wages expense $600.

Following entry will be recorded for wages accrued till Wednesday.

Accounts	Debit	Credit
Wages expense	$            600.00
Wages payable		$                  600.00
(To record wages accrues for 3 days [1000/5 x 3])