Your Corporation started the accounting period with $4,000 in supplies. During the period, the company purchased $3,500 of supplies on account. At the end of the accounting period there was $700 of supplies on hand. Your Corporation made the adjusting entry for supplies consumed. The supplies were originally recorded as assets. What is the supplies expense for the period? $7,500 $4,100 $1,200 $ 200 $6,800 On January 1, 2019 Your Company had a $4,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During the year, Your Company provided $35,000 of service on account. The company collected $19,000 cash from account receivable. Bad debts are estimated to be 2% of sales on account. How much bad debts expense will be recognize on the 2019 income statement? $380. $700. $780 $400. Your Corporation, a calendar-year company, acquired a new machine on January one, Year one. The cost of the machine is $875,000, and the machine has an estimated useful life of 10 years (or 800,000 units of product). The machine has an expected salvage value of $60,000. Accumulated depreciation at the beginning of year three was $315,000. What is depreciation expense using the double-declining balance method, for year three? $100,000 $163,000 $112,000 $ 56,000