Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help will upvote, Thanks. 1. 2. The trial balance for Oriole Company appears as follows: $350 616 97 212 Oriole Company Trial Balance December
Need help will upvote, Thanks.
1.
2.
The trial balance for Oriole Company appears as follows: $350 616 97 212 Oriole Company Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense 4720 $710 453 1420 1650 3532 1180 590 $7765 $7765 If the estimated depreciation for equipment were $708, the adjusting entry would contain a: O credit to Accumulated Depreciation, Equipment for $708. O credit to Equipment for $708. O debit to Accumulated Depreciation Equipment for $708. O credit to Depreciation Expense, Equipment for $708. The policy at Oriole Company is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1230 of unused office supplies on hand and the balance of supplies expense is $3920. What should the accountant do? O Nothing company policy says to expense supplies when purchased. O Debit Supplies Expense for $2690 and credit Supplies for $2690. Debit Supplies and credit Supplies Expense for $1230. O Convince management to change its policy to avoid problems in the futureStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started