Author Question: In its first month of business, Anudu, Inc purchased supplies for 5,000 on account. During the ... (Read 15 times)

Lobcity · **on:** Jul 5, 2018

In its first month of business, Anudu, Inc purchased supplies for 5,000 on account. During the month, Anudu, Inc paid 1,000 of the amount owed for the supplies. On May 31, Anudu, Inc had only 2,000 of supplies left.

The May 31 adjusting entry would include a ________.
A) debit to Supplies of 2,000
B) debit to Supplies expense of 2,000
C) credit to Supplies of 3,000
D) credit to Cash of 3,000

Question 2

An entity can be classified as all of the following except:
a. resource
b. event
c. tuple
d. agent