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Essay text:
At the beginning of the month supplies were $5,000. During the month the company purchased $2,000 of supplies. At month's end, $3,000 of supplies were still on hand. What was the cost of supplies used during the month, (i.e, the amount of the supplies expense)?
A) $2,000.
B) $4,000.
C) $6,000.
D) $10,000.
5. A company incurs salary expense of $5,000 each week for a five-day work week. Employees are paid each Friday for that week. October 31, the last day of the accounting period, falls on a Wednesday. What amount would be debited to salary expense on October 31?
$_$3,000_
6. The entry to record depreciation expense would include:
A) debit to Accumulated Depreciation...
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