The balances in Labeille Accounting Services' office supplies account on February 1 and February 28 were $1,800 and $250, respectively. If the office supplies expense for the month is $1,900, what amount of office supplies was purchased during February?

Multiple Choice

$2,050

$250

$350

$3,450

$1,800

Item11

Item11

A company purchased $9,200 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $460 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:

Multiple Choice

$8,478.

$8,924.

$9,200.

$8,740.

$8,524.

All sales are made on credit. Based on past experience, the company estimates 3.0% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?

Multiple Choice

Debit Bad Debts Expense $13,200; credit Allowance for Doubtful Accounts $13,200.

Debit Bad Debts Expense $65,800; credit Allowance for Doubtful Accounts $65,800.

Debit Bad Debts Expense $63,200; credit Allowance for Doubtful Accounts $63,200.

Debit Bad Debts Expense $14,500; credit Allowance for Doubtful Accounts $14,500.

Debit Bad Debts Expense $64,500; credit Allowance for Doubtful Accounts $64,500.