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Author Question: The balance in the supplies account before adjustment at the end of the year is 6,250 . The proper ... (Read 123 times)

biggirl4568

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on: Jul 5, 2018
The balance in the supplies account before adjustment at the end of the year is 6,250 . The proper adjusting entry if the amount of supplies on hand at the end of the year is 1,500 would be
 a. debit Supplies, 1,500; credit Supplies Expense, 1,500
  b. debit Supplies Expense, 4,750; credit Supplies, 4,750
  c. debit Supplies Expense, 1,500; credit Supplies, 1,500
  d. debit Supplies, 4,750; credit Supplies Expense, 4,750

Question 2

When counties receive cash advances under grants from the state, what account should they credit?
 
  a. grants receivable
  b. revenues - grants
  c. advance on state grants
  d. grant expenditures


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laurnthompson

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

c


biggirl4568

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Reply #2 on: Jul 5, 2018
Thank you


laurnthompson

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Reply #3 on: Jul 5, 2018
No problemo


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