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Please answer these MCQs questions about accounting. I need an accurate answer for each part ASAP Each question is a different part so in my
Please answer these MCQs questions about accounting. I need an accurate answer for each part ASAP Each question is a different part so in my solution I am going to be looking for accurate answers for parts of MCQ questions.
PART :
At the beginning of Year the Supplies account had a debit balance of $ During the year, the business purchased $ of supplies. An inventory count of supplies at the end of the year revealed that $ of supplies remained. The adjusting entry as a result of this information is
a debit Supplies Expense $ credit Supplies $
b debit Supplies Expense $ credit Supplies $
c debit Supplies Expense $ credit Supplies $
d debit Supplies Expense $ credit Accumulated Depreciation $
PART :
A business purchased a year insurance policy costing $ on May of the current year. The journal entry to record this transaction is
a debit Prepaid Insurance $ credit Cash $
b debit Prepaid Insurance $ credit Insurance Expense $
c debit Insurance Expense $ credit Cash $
d debit Insurance Expense $ credit Prepaid Insurance $
PART :
New office furniture was purchased for $ on January The business expected to replace the furniture four years later, and to receive $ when the it is sold. If the company uses the declining balance method of depreciation with a rate of depreciation, what will be the book value of the office furniture on the balance sheet dated December Year
a $
b $
c $
d $
PART :
A new delivery truck was purchased for $ on January of Year It was expected to last four years, and to then have a tradein value of $ If the straightline method is used, what will be the value of the delivery truck on the balance sheet dated December Year
a $
b $
c $
d $
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