What type of entry will increase the normal balance of the general ledger account Service Revenues? What type of entry will increase the normal balance of the general ledger account that reports the amount owed as of the balance sheet date for a company's accrued expenses? What type of entry will increase the normal balances of the general ledger accounts Electricity Expense, Insurance Expense, Interest Expense, and Repairs Expense? What type of accounts are Interest Receivable and Fees Receivable? What type of entry will decrease the normal balances of the general ledger accounts Interest Receivable and Fees Receivable? What type of accounts are Deferred Revenues and Unearned Revenues? What type of entry will decrease the normal balances of the accounts Deferred Revenues and Unearned Revenues? What type of accounts are Prepaid Insurance, Prepaid Advertising, and Prepaid Expenses? What type of entry will decrease the normal balances of the accounts Prepaid Insurance and Prepaid Expenses, and Insurance Expense? What type of accounts are Accumulated Depreciation and Allowance for Doubtful Accounts? What type of entry will increase the balances that are normally found in the accounts Accumulated Depreciation and Allowance for Doubtful Accounts? In the case of a company's accrued interest expense, which of the following occurs first? Incurring The Interest Expense Paying The Interest To The Lender In the case of a bank's accrued interest revenues, which occurs first? Earning The Interest Revenues Receiving The Interest From The Borrower In the case of a company deferring insurance expense, which occurs first? Incurring The Insurance Expense Paying The Insurance Company In the case of a company's deferred revenues, which occurs first? Receiving The Money From The Customer Which of the following will be included in the adjusting entry to accrue interest expense? A Credit To Interest Payable A Debit To Interest Payable A Debit To Prepaid Interest Which of the following will be included in the adjusting entry to accrue interest income or interest revenues? A Debit To Interest Income A Credit To Interest Receivable A Debit To Interest Receivable The adjusting entry that reduces the balance in Prepaid Insurance will also include which of the following? A Credit To Insurance Expense A Debit To Insurance Expense A Debit To Insurance Payable The adjusting entry that reduces the balance in Deferred Revenues or Unearned Revenues will also include which of the following? A Credit To Fees Receivable The ending balance in the account Prepaid Insurance is expected to report which of the following? The Accrued Amount Of Insurance Expense The Original Amount Of The Insurance Premiums Paid The Expired Portion Of The Insurance Premiums Paid The Unexpired Portion Of The Insurance Premiums Paid The ending balance in the account Deferred Revenues (or Unearned Fees) should report which of the following? The Accrued Amount Of Fees That Have Been Earned The Original Amount Of Fees Received In Advance From A Customer The Fees Received In Advance Which Are Not Yet Earned The Amount Of Fees Received In Advance And Which Are Now Earned Which type of adjusting entry is often reversed on the first day of the next accounting period? Typically an adjusting entry will include which of the following? One Balance Sheet Account And One Income Statement Account Two Balance Sheet Accounts Two Income Statement Accounts Use the following information to answer questions 24 - 29: What date should be used to record the December adjusting entry? How many accounts are involved in the adjusting entry? What is the name of the account that will be debited? What is the name of the account that will be credited? What is the amount of the debit and the credit? What would be the effect on the financial statements if the company fails to make the adjusting entry on December 31? Use the following information to answer questions 30 - 35: What date should be used to record the December adjusting entry? How many accounts are involved in the adjusting entry? What is the name of the account that should be debited? What is the name of the account that should be credited? What is the amount of the debit and the credit? What would be the effect on the financial statements if the company fails to make the adjusting entry on December 31? Use the following information to answer questions 36 - 41: What date should be used to record the December adjusting entry? How many accounts are involved in the adjusting entry? What is the name of the account that will be debited? What is the name of the account that will be credited? What is the amount of the debit and the credit? What would be the effect on the financial statements if the company fails to make the adjusting entry on December 31? Use the following information to answer questions 42 - 47: What date should be used to record the December adjusting entry? How many accounts are involved in the adjusting entry? What is the name of the account that will be debited? What is the name of the account that will be credited? What is the amount of the debit and the credit? What would be the effect on the financial statements if the company fails to make the adjusting entry on December 31? Use the following information to answer questions 48 - 53: What date should be used to record the December adjusting entry? How many accounts are involved in the adjusting entry? What is the name of the account that will be debited? What is the name of the account that will be credited? What is the amount of the debit and the credit? What would be the effect on the financial statements if the company fails to make the adjusting entry on December 31? Use the following information to answer questions 54 - 59: What date should be used to record the December adjusting entry? How many accounts are involved in the adjusting entry? What is the name of the account that will be debited? What is the name of the account that will be credited? What is the amount of the debit and the credit? What would be the effect on the financial statements if the company fails to make the adjusting entry on December 31? Use the following information to answer questions 60 - 65: What date should be used to record the December adjusting entry? How many accounts are involved in the adjusting entry? What is the name of the account that will be debited? What is the name of the account that will be credited? What is the amount of the debit and the credit? What would be the effect on the financial statements if the company fails to make the adjusting entry on December 31? Want more practice questions? Which financial statement reports the amount of supplies on hand at the end of the accounting period?Supplies expense on the income statement reports the amount of supplies used during the accounting period. Supplies on the balance sheet reports the amount of supplies on hand at the end of the accounting period.
On which financial statement is the supplies account reported?The account is usually listed on the balance sheet after the Inventory account. A related account is Supplies Expense, which appears on the income statement.
What type of account is supplies on hand?The cost of office supplies on hand at the end of an accounting period should be the balance in a current asset account such as Supplies or Supplies on Hand. The cost of the office supplies used up during the accounting period should be recorded in the income statement account Supplies Expense.
How do you record supplies on hand in accounting?Create your journal entry to adjust the account balance. Debit the supplies expense account for the cost of the supplies used. Balance the entry by crediting your supplies account. For example, if you used $220 in supplies, debit the supplies expense for $220 and credit supplies for an equal amount.
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Which financial statement reports the amount of supplies on hand at the end of the accounting period multiple choice question?
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