TRANSACTION ANALYSIS: Dartmouth Ties Corporation is a merchandising company that has been in operation for two years. The company sell high-end ties for men. They purchase their inventory from overseas companies with fair trade agreements and sell their products in the U.S. Below find a number of activities that occurred during the year. Please select the correct journal entry for each transaction. Transactions that are related will have the same transaction number. (Answer Q.17 to Q.33)

Transaction 6- December 31, 2018: At the beginning of 2018, Dartmouth Ties Company had a balance in the office supplies account of $1,500. On August 15, 2018, the company purchased office supplies amounting to $3,500 on account. At December 31, 2018, the end of the accounting year, a count of office supplies shown an ending balance of $1,000. Prepare adjusting entry to adjust the office supplies account for the supplies used during the year.

Q32. Record the adjustment by indicating the account title to be debited.

	A.	Acct Payable
	B.	Cash
	C.	Prepaid Expense
	D.	Supplies
	E.	Supplies Expense

1. TRANSACTION ANALYSIS: Dartmouth Ties Corporation is a merchandising company that has been in operation for two years. The company sell high-end ties for men. They purchase their inventory from overseas companies with fair trade agreements and sell their products in the U.S. Below find a number of activities that occurred during the year. Please select the correct journal entry for each transaction. Transactions that are related will have the same transaction number. (Answer Q.17 to Q.33)

   Transaction 6- December 31, 2018: At the beginning of 2018, Dartmouth Ties Company had a balance in the office supplies account of $1,500. On August 15, 2018, the company purchased office supplies amounting to $3,500 on account. At December 31, 2018, the end of the accounting year, a count of office supplies shown an ending balance of $1,000. Prepare adjusting entry to adjust the office supplies account for the supplies used during the year.

   Q31. What is the adjustment amount of the supplies used?

   	A.	$1,000
   	B.	$1,500
   	C.	$3,500
   	D.	$4,000
   	E.	$5,000

TRANSACTION ANALYSIS: Dartmouth Ties Corporation is a merchandising company that has been in operation for two years. The company sell high-end ties for men. They purchase their inventory from overseas companies with fair trade agreements and sell their products in the U.S. Below find a number of activities that occurred during the year. Please select the correct journal entry for each transaction. Transactions that are related will have the same transaction number. (Answer Q.17 to Q.33)

Transaction 5: Declared that the company would pay $30,000 in cash dividends to investors next month.

Q30. Indicate the account title to be credited by $30,000.

	A.	Acct Receivable
	B.	Dividend Payable
	C.	Cash
	D.	Note Payable
	E.	None