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XYZ Company initially records prepaid and unearned items in income statement accounts. Given XYZ Company's practices, what is the appropriate adjusting entry to record unused
XYZ Company initially records prepaid and unearned items in income statement accounts. Given XYZ Company's practices, what is the appropriate adjusting entry to record unused office supplies of $500 that were counted at year end? There was no begining balance in office supplies. Select one: O a. Dr. Office Supplies $500 and Cr. AP $500 O b. Dr. Salaries Expense $500 and Cr. Cash $500 O c.Dr. Office Supplies $500 and Cr. Office Supplies Expense $500 O d. Dr. Office Supplies Expense $500 and Cr. Office Supplies $500 XYZ Company prepares annual financial statements. Their year end is June 30, 2019. At June 30, 2019 the balance in the Cleaning Supplies account was $1,800. A count of the cleaning supplies on June 30, 2019 revealed that $800 had been used. What is the adjustment amount to be posted to adjust the cleaning supplies account at year end and to recognize the cleaning expense? Select one: O a. $800 O b. $1,800 c. $0 d. e. $1,000 What is the journal entry to record the $200 payment to a supplier for Office Supplies purchased last month? Select one: O a. Dr. Accounts Payable $200 and Cr. Cash $200 O b. Dr. Office Supplies $200 and Cr. Cash $200 O c. Dr. Office Supplies $200 and Cr. Accounts Payable $200 O d. Dr. Accounts Payable $200 and Cr. Office Supplies $200 Next page
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