Reese Company Ltd purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be:

Select one:

a.

Debit Office Supplies Expense, $1,600; Credit Office Supplies, $1,600

b.

Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400

c.

Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400

d.

Debit Office Supplies, $1,600; Credit Office Supplies Expense, $1,600

e.

None of the above

JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% settlement discount. How much would JC Manufacturing pay for the inventory that it kept? (Round your answer to the nearest whole number).

Select one:

a.

$2,973

b.

$2,337

c.

$2,915

d.

$2,857

e.

None of the above

Based on the following information, determine purchases for 2019: $ Inventory 31/12/2018 130,000 Inventory 31/12/2019 127,000 Cost of Goods Sold during 2019 520,000

Select one:

a.

$514,000

b.

$517,000

c.

$674,000

d.

$647,000

e.

$390,000

Which of the following combinations of equations calculates the Cost of Goods Sold for a period in which sales and purchases were made?

I Opening Stock

II Closing Stock

III Purchases for the period

IV Goods available for sale

Select one:

a.

I - II

b.

IV - II

c.

IV - III

d.

I + III - II + IV

e.

None of the above

Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts payable. What will the trial balance show for this error?

Select one:

a.

Too much for cash

b.

Too much for liabilities

c.

Too much for expenses

d.

The trial balance will not balance

e.

None of the above