Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 14 Aug 2017 My Price 5.00

Tensing Company

14. On January 30, Tensing Company purchased supplies of $2,000. The supplies were all consumed in February. Which of the following statements is true regarding the accounting for these supplies. A)The supplies should be charged to Supplies Expense in January and no adjusting entry is needed until the supplies are used in February
B)The supplies should be recorded as an asset in January and no adjusting entry is needed until the supplies are used in February
C)The supplies should not be recorded in the accounting records until used in February
D)The adjusting journal entry at the end of January will include a debit to Supplies Expense and a credit to Supplies for $2,000 15. The fiscal year of a business is usually determined by: A)the SEC
B)the IRS
C)the business
D)a lottery

Answers

Maurice Tutor
(5)
Status NEW Posted 14 Aug 2017 01:08 PM My Price 5.00

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