The Don't Bite Me pest control company has 10,000 gallons of insecticide supplies on hand that cost $300,000; a bill from the vendor for $100,000 of these supplies has not yet been paid. The company expects to earn $800,000 for its services when it uses the insecticide supplies. The company would report: Multiple Choice $300,000 in assets under supplies and $100,000 in liabilities under accounts payable. $800,000 in assets under supplies and $100,000 in liabilities under accounts payable. $200,000 in assets under supplies and no accounts payable. $300,000 in assets under supplies and no accounts payable. The Jolly Company made purchased supplies, with cash, in the amount of $550. The junior accounting clerk posted the transaction as a debit of $550 to supplies and a $55 credit to cash. As a result of the post, the unadjusted trial balance will no longer balance. What is the value of the discrepancy leading to debits not equaling credits. Is it the debit column or credit column that contains this value? Short Answer Toolbar navigation B I U A A A chart of accounts is a list of account titles used to record financial transactions. True or False True False The accounting equation will still balance if a $5,000 liability is misclassified as shareholders' equity. True or False True False HCP save & Exit Submit The amount charged for a good or service provided to a customer on account is posted to a revenue account only after the payment is received. True or False True False