A total of $3,750 in supplies was purchased during the year. At the end of the year $920 of the supplies were left. The adjusting entry needed at the end of the year is:

The first two closing entries to the Income Summary account indicate a debit of $55,250 and a credit of $66,700. The closing entry would be:

The Accounts Payable account has a $3,100 credit balance. An entry for payment $1,050 on the amount owed is recorded and posted. The new balance of the Accounts Payable account is

MacGyver Company bought equipment on January 3, 2019, for $35,400. At the time of purchase, the equipment estimated to have a useful life of 4 years and a salvage value of $1,200. Using the straight-line method, the amount of one year's depreciation is

On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $1,260. The correct adjusting entry on December 31, 2019, is:

A total of $3,750 in supplies was purchased during the year. At the end of the year $920 of the supplies were left. The adjusting entry needed at the end of the year is Multiple Choice debt Supplies Expense 5920, credit Supplies 5920 debit Supplies Expense $3750, credit Supplies $3750 debit Supplies $2,830credit Supplies Expense $2830 debit Supplies Expense $2.830, credit Supplies $2,830 E May > The first two closing entries to the income Summary account indicate a debit of $55,250 and a credit of $66,700. The third closing entry woul Multiple Choice debit Capito! $11.450;credit Income Summary $11.450 debit Revenue $66,700; credit Expenses $55,250 debit Income Summary $11.450, credit Capital $11.450. debit Income Summary $11.450, credit Drawing $11,450, The Accounts Payable account has a $3,100 credit balance. An entry for the payment of $1.050 on the amount owed is recorded and posted. The new bale Accounts Payable account is Multiple Choice $4.150 debit balance a $2.050 credit balance a $4,150 credit balance. a $2.050 debit balance MacGyver Company bought equipment on January 3, 2019, for $35,400. At the time of purchase, the equipment was estimated to have a useful life om salvage value of $1.200. Using the straight-line method, the amount of one year's depreciation is Multiple Choice $8.550 O $1.200 $475 $5.900 On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $1.260. The correct adjusting entry Multiple Choice debit Insurance Expense $420, credit Prepaid Insurance $420 debit Insurance Expense $945: credit Prepaid Insurance $945 debit Prepaid Insurance $1.260; credit Insurance Expense $1.260 debit Prepaid Insurance $105; credit Insurance Expense $105