21 The asset account, Supplies, has a balance of $2,000 on January 1, 2012 During January, $36,000 of supplies were purchased on account A count of supplies at the end of January indicates $18,000 of supplies on hand What adjusting entry is necessary at January 31 Debit Supplies $36,000 credit Supplies Expense $36,000 Debit Supplies Expense $36,000 credit Supplies $36,000 Debit Supplies Expense $20,000 credit Supplies $20,000 Debit Supplies Expense $20,000 credit Accounts Payable $20,000 25 Use the following table to answer the following questions Units Price Total Inventory, May 1 60 $8 00 $480 00 Purchase, May 3 55 $9 00 $495 00 Purchase, May 10 30 $10 00 $300 00 Total Goods Available for Sale 145 $1,275 00 Sale, May 5 42 Sale, May 12 15 Inventory, May 31 88 What is the ending inventory and COGS using FIFO, perpetual system EI $456 COGS $819 EI $501 COGS $774 EI $774 COGS $501 EI $819 COGS $456 26 Use the following table to answer the following questions Units Price Total Inventory, May 1 60 $8 00 $480 00 Purchase, May 3 55 $9 00 $495 00 Purchase, May 10 30 $10 00 $300 00 Total Goods Available for Sale 145 $1,275 00 Sale, May 5 42 Sale, May 12 15 Inventory, May 31 88 What is the ending inventory and COGS using LIFO, perpetual system EI $747 COGS $528 EI $543 COGS $732 EI $528 COGS $747 EI $732 COGS $543 29 Freds Supply Store just received its monthly bank statement from Local Street Bank The bank gives a balance of $45,000 Outstanding checks amount of $20,000 Freds Supply Store made a deposit of $5,000 on the last day of the month, and it was not included on the bank statement Bank service fees, not yet recorded on the stores books, were shown on the statement as $35 The bank statement also included an NSF check returned from a new customer in the amount of $250 What is the stores true cash balance at the end of the month $29,715 $29,750 $30,000 $25,000 34 Activities that involve the acquisition and sale of property, plant, and equipment and other noncurrent assets are Income activities Investing activities Marketing activities Financing activities

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21. The asset account, Supplies, has a balance of $2,000 on January 1, 2012. During January, $36,000 of supplies were purchased on account. A count

21. The asset account, Supplies, has a balance of $2,000 on January 1, 2012. During January, $36,000 of supplies were purchased on account. A count of supplies at the end of January indicates $18,000 of supplies on hand. What adjusting entry is necessary at January 31?

Debit Supplies $36,000; credit Supplies Expense $36,000

Debit Supplies Expense $36,000; credit Supplies $36,000

Debit Supplies Expense $20,000; credit Supplies $20,000

Debit Supplies Expense $20,000; credit Accounts Payable $20,000

25.

Use the following table to answer the following questions.

	Units	Price	Total
Inventory, May 1	60	$8.00	$480.00
Purchase, May 3	55	$9.00	$495.00
Purchase, May 10	30	$10.00	$300.00
Total Goods Available for Sale	145		$1,275.00

Sale, May 5	42
Sale, May 12	15
Inventory, May 31	88

What is the ending inventory and COGS using FIFO, perpetual system?

EI $456; COGS $819

EI $501; COGS $774

EI $774; COGS $501

EI $819; COGS $456

26.

Use the following table to answer the following questions.

	Units	Price	Total
Inventory, May 1	60	$8.00	$480.00
Purchase, May 3	55	$9.00	$495.00
Purchase, May 10	30	$10.00	$300.00
Total Goods Available for Sale	145		$1,275.00

Sale, May 5	42
Sale, May 12	15
Inventory, May 31	88

What is the ending inventory and COGS using LIFO, perpetual system?

	EI $747; COGS $528
	EI $543; COGS $732
	EI $528; COGS $747
	EI $732; COGS $543 29. Freds Supply Store just received its monthly bank statement from Local Street Bank. The bank gives a balance of $45,000. Outstanding checks amount of $20,000. Freds Supply Store made a deposit of $5,000 on the last day of the month, and it was not included on the bank statement. Bank service fees, not yet recorded on the stores books, were shown on the statement as $35. The bank statement also included an NSF check returned from a new customer in the amount of $250. What is the stores true cash balance at the end of the month? $29,715 $29,750 $30,000 $25,000 34. Activities that involve the acquisition and sale of property, plant, and equipment and other noncurrent assets are Income activities. Investing activities. Marketing activities. Financing activities.