Author Question: Chutes, Inc. had supplies of 600 on May 1. It purchased 800 of supplies on account on May 3. At May ... (Read 342 times)

charchew · **on:** Jul 5, 2018

Chutes, Inc. had supplies of 600 on May 1. It purchased 800 of supplies on account on May 3. At May 31, 500 of supplies remained. The adjusting entry to record on May 31 is a debit to ________.

A) Supplies expense of 900 and a credit to Cash of 900
B) Supplies of 500 and a credit to Cash of 500
C) Supplies expense of 900 and a credit to Supplies of 900
D) Accounts payable of 500 and a credit to Supplies of 500

Question 2

The heading for a balance sheet includes the name of the business, the title of the statement, and a period of time.
a. True
b. False
Indicate whether the statement is true or false