The unadjusted trial balance include supplies with $700 normal balance. A physic

Question

The unadjusted trial balance include supplies with $700 normal balance. A physical count of the supplies showed $200 of supplies showed $200 of supplies on the end of the period. The required adjusting entry includes: a. A debit of supplies Expense for $200. b. A debit to supplies Expense for $500. c. A debit to supplies for $200. d. A credit to supplies for $200. 9. The unadjusted trial balance includes the unearned revenue account with a normal balance of $40,000 According to our records, we have earned 3/4 (Three-fourths) of the unearned revenue. Based on this information, the correct adjusting entry to be recorded on December 31 would be: 10. The following transactions occurred in December of 2014:

Explanation / Answer

8. answer is b - A Debit to supplies expenses for $500

since balance is only $200 so we need to reduce $500 from $700

9. answer is d

we need to reverse the unearnd revenue

since unearned revenue is a liability it has generally credit balance so when we reverse it will be debited

10. answer is c = 10000

9000 for cash and 1000 for servics provided in dec,14 but invoiced in jan

however we will not include advance of 2000 as services will be provided in next year

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