psu-acc202nd làm á

The supplies account had a beginning balance of $3,375 and was debited for $6,450 for supplies purchased during the year.

Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $2,980. Dr. Supplies 6,845 Cr. Supplies Expense 6,845 Supplies used ($3,375 + $6,450 - $2,980).

• • True

• • False

If supplies used in the period is $500, supplies expense incurred in the period is $500

• TRUE

• FALSE

Dividends decrease stockholders’ equity

• True

• False

Dividend is an expense

• True

• False

Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder. Dr. Automobile 28,500 Cr. Cash 6,000 Cr. Accounts Payable 22,500

• False

• True

When businesses received payment from clients on account, accounts receivable increases

• True

• False

Revenue accounts and Expense accounts are closed to Income Summary

• True

• False

Common Stock increases stockholders’ equity

• True

• False

paid annual insurance premium $500

• Increase in an asset, decrease in another asset.

• Increase in an asset, increase in a liability.

• Increase in an asset, increase in owner’s equity.

• Decrease in an asset, decrease in owner’s equity

If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and direction (increase or decrease) of the change in owner’s equity for that period is a(n):

• $32,000 increase.

• $32,000 decrease

• $8,000 increase

• $8,000 decrease.