22.

During the year a business purchased $13,000 of supplies. At the end of the year a physical count of the supplies reveals that only $2,400 of the supplies remain. How much of the supplies were used up during the year?

$2,400

$10,600

$13,000

Some other amount

23.

Which of the following statements would be considered false regarding debits and credits?

Debit always means increase and credit always means decrease

In any given transaction, the total dollar amount of the debits and the total dollar amount of the credits must be equal

Asset accounts are increased with debits and liabilities and stockholders' equity accounts are increased with credits

All of the above are false

25.

Which of the following will happen if the accrual adjusting entry is NOT made for revenue that is earned but unrecorded and has not yet been received?

Assets will be overstated and revenues will be understated

Assets will be understated and revenues will be overstated

Both assets and revenues will be understated

Both assets and revenues will be overstated

26.

During the year a business received an advance payment from a customer in the amount of $6,300 for services to be provided in the future. At the end of the year it is determined that only $2,500 of the advance has not been earned. How much was earned during the year?

		$6,300
		$8.800
		$2,500
		$3,800