Fa Trial
* Question 1
0 out of 10 points | | | Winston Corp. had $1,800 of supplies on hand at January 1. During the year, supplies with a cost of $4,000 were purchased. At December 31, the actual supplies on hand amount to $1,300. After the adjustments are recorded and posted at December 31, determine the balances in the Supplies and Supplies Expense accounts. Supplies ; Supplies ExpenseAnswer | | | | | Selected Answer: | [None Given] | Correct Answer: | $1,300; $4,500 | Response Feedback: | $1,800 (Supplies at Jan. 1) + $4,000 (Amount purchased) - $1,300 (Supplies at Dec. 31) =
$4,500 (Supplies Expense) | | | | | * Question 2
0 out of 10 points | | | Which of the following is the attribute used to measure many assets that are recognized on a balance sheet, because it is more objective and verifiable?Answer | | | | | Selected Answer: | [None Given] | Correct Answer: | Historical cost | | | | | * Question 3
0 out of 10 points | | | Failure to record amounts earned for services provided to customers but not yet paid results in which of the followingAnswer | | | | | Selected Answer: | [None Given] | Correct Answer: | Total assets being understated | | | | | * Question 4
0 out of 10 points | | | The asset account, Supplies, has a balance of $700 on January 1. During January, the company purchased $16,000 of supplies on account and the liability was appropriately recorded. A count of supplies at the end of January indicates a balance of $900. Which one of the following is a correct amount to be reported on the company 's financial statements for the month ending January 31?Answer | | | | | Selected Answer: | [None Given] | Correct Answer: | Supplies Expense - $15,800 | Response Feedback: | $700 (Beginning Balance) + $16,000 (Purchases) - $900 (Ending Balance) = $15,800 | | | | | * Question 5
0 out of 10 points | | | Quan uses a
0 out of 10 points | | | Winston Corp. had $1,800 of supplies on hand at January 1. During the year, supplies with a cost of $4,000 were purchased. At December 31, the actual supplies on hand amount to $1,300. After the adjustments are recorded and posted at December 31, determine the balances in the Supplies and Supplies Expense accounts. Supplies ; Supplies ExpenseAnswer | | | | | Selected Answer: | [None Given] | Correct Answer: | $1,300; $4,500 | Response Feedback: | $1,800 (Supplies at Jan. 1) + $4,000 (Amount purchased) - $1,300 (Supplies at Dec. 31) =
$4,500 (Supplies Expense) | | | | | * Question 2
0 out of 10 points | | | Which of the following is the attribute used to measure many assets that are recognized on a balance sheet, because it is more objective and verifiable?Answer | | | | | Selected Answer: | [None Given] | Correct Answer: | Historical cost | | | | | * Question 3
0 out of 10 points | | | Failure to record amounts earned for services provided to customers but not yet paid results in which of the followingAnswer | | | | | Selected Answer: | [None Given] | Correct Answer: | Total assets being understated | | | | | * Question 4
0 out of 10 points | | | The asset account, Supplies, has a balance of $700 on January 1. During January, the company purchased $16,000 of supplies on account and the liability was appropriately recorded. A count of supplies at the end of January indicates a balance of $900. Which one of the following is a correct amount to be reported on the company 's financial statements for the month ending January 31?Answer | | | | | Selected Answer: | [None Given] | Correct Answer: | Supplies Expense - $15,800 | Response Feedback: | $700 (Beginning Balance) + $16,000 (Purchases) - $900 (Ending Balance) = $15,800 | | | | | * Question 5
0 out of 10 points | | | Quan uses a