The beginning balance of Supplies for Lu Inc. was $900. During the year, additional supplies were purchased for $450. At the end of the year, an inventory count indicates $700 of supplies on hand. The adjusting entry at December 31, is:
A. debit Supplies Expense 650, credit Supplies 650
B. debit Supplies 650, credit Supplies Expense 650
C. debit Supplies 450, credit Supplies Expense 450
D. debit Supplies Expense 250, credit Supplies 250
Ans: A. debit Supplies Expense 650, credit Supplies 650
Business
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The financial statement that reports whether the business earned a profit and also lists the types and amounts of the revenues and expenses is called:
a. A Balance sheet. b. A Statement of owner's equity. c. A Statement of cash flows. d. An Income statement. e. A Statement of financial position.
Business
Most dictionaries are ______________
a. available online b. unreliable c. over-written d. abridged
Business