A purchase of supplies on account is recorded in the

Asked by admin @ 26/11/2021 in Business viewed by 277 People

On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account. At the end of January, Bravo had $600 of these supplies still on hand. The proper adjusting journal entry at January 31 would:________.

a) include a credit to Supplies for $400.b) include a debit to Supplies for $1,000.c) include a debit to Supplies Expense for $600.d) include a debit to Accounts Payable for $400.

Answered by admin @ 26/11/2021

Answer:

The proper adjusting journal entry at January 31 would: a) include a credit to Supplies for $400

Explanation:

On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account by the entry:

Debit Supplies account $1,000

Credit Accounts Payable $1,000

At the end of January, Bravo had $600 of these supplies still on hand. Supplies were used in January = $1,000 - $600 = $400

The adjusting journal entry at January 31:

Debit Supplies Expense $400

Credit Supplies account $400

Able, baker, and charles are engaged in the marketing to and enrollment of beneficiaries into medicare health plans. mr. able is an independent agent paid directly by a health plan. ms. baker is an independent agent paid through a field marketing organization (fmo). mr. charles is an independent agent paid for his work by a third-party marketing organization (tmo). how do the cms compensation rules apply to these three agents?

Asked by maham237 @ 13/01/2021 in Business viewed by 2747 persons

A purchase of supplies on account is recorded in the

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