A company usually determines the amount of supplies used during a period by: \\

Question

          A company usually determines the amount of supplies used during a period by:                                         

      adding the supplies on hand to the balance of the Supplies account.
                                        summing the amount of supplies purchased during the period.
                                        taking the difference between the supplies purchased and the supplies paid for during the period.
                                        taking the difference between the balance of the Supplies account and the cost of supplies on hand.
              

. The final step in the accounting cycle is to prepare:                                                            closing entries.
                                        financial statements.
                                        a post-closing trial balance.
                                        adjusting entries.

Explanation / Answer

1)                                         taking the difference between the supplies purchased and the supplies paid for during the period.

2)                                         a post-closing trial balance.

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