Answered: period is: a.) debit Supplies; credit…

period is: a.) debit Supplies; credit Stockholders' Equity b.) debit Supplies Expense; credit Supplies c.) debit Accounts Payable; credit Supplies d.) debit Stockholders' Equity; credit Supplies

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 3QY: On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

The entry to adjust for the cost of supplies used during the accounting period is:

a.) debit Supplies; credit Stockholders' Equity

b.) debit Supplies Expense; credit Supplies

c.) debit Accounts Payable; credit Supplies

d.) debit Stockholders' Equity; credit Supplies

Definition Definition Assets available to stockholders after a company's liabilities are paid off. Stockholders’ equity is also sometimes referred to as owner's equity. A stockholders’ equity or book value generally includes common stock, preferred stock, and retained earnings and is an indicator of a company's financial strength.

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