ID: A 36. The balance in the office supplies account on June I was $6,300, supplies purchased during June were $3,100, and the supplies on hand at June 30 were $2,500. adjusting entry is a. $3,700 b. $11,900 c. $5,700 d. $6,900 The amount to be used for the appropriate 37. The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed a. historical cost b. contra asset e. book value d. market value 38. The supplies account has a balance of S1,200 at the beginning of the year and was debited during the year for $2,300, representing the total of supplies purchased during the year. If $650 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is a. $650 b. $1,750 c. $4,150 d. $2,850 39. The type of account and normal balance of Accumulated Depreciation is a. b. c. d. asset, credit asset, debit contra asset, credit contra asset, debit Accrued revenues would appear on the balance sheet as a. assets b. liabilities c. capital d. prepaid expenses 40. 41. Which of the accounting steps in the accounting process below would be completed last? preparing the adjusted trial balance posting preparing the financial statements journalizing a. b. c. d. When preparing the statement of owner's equity, the beginning capital balance can always be found a. b. 42. in the Income Statement columns of the work sheet in the statement of cash flows in the general ledger in the Balance Sheet columns of the work sheet c. d