Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following information to answer questions 12 thru 14: Cash $200 Accounts Receivable $500 Prepaid Insurance $50 Supplies $150 Equipment $400 Accumulated depreciation $200
Use the following information to answer questions 12 thru 14: Cash $200 Accounts Receivable $500 Prepaid Insurance $50 Supplies $150 Equipment $400 Accumulated depreciation $200 Accounts Payable $300 Common Stock $600 Service Revenue $500 Wages Expense $100 Rent Expense $200 If the inventory of supplies is $20, the adjusting entry would contain a Debit to Supplies for $20. Credit to Supplies for $20. Debit to Supplies Expense for $130. Credit to Supplies Expense for $130. QUESTION 13 If the insurance still unexpired was $20, the adjusting entry would contain O A debit to Prepaid Insurance for $30. A credit to Prepaid Insurance for $30. O A debit to Insurance Expense for $20. A credit to Insurance Expense for $20. QUESTION 14 If estimated depreciation for the equipment is $200, the adjusting entry would contain a Credit to Accumulated Depreciation for $200. O Credit to Depreciation Expense for $200. Debit to accumulated Depreciation for $200. Credit to Equipment for $200
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started