QUIZ #2: Chapter 3
Provide journal entries for the adjustments
that are required December 31, 2009,
the end of the fiscal year, for each of the following (3 marks each, no part marks)
The supplies inventory on January 1, 2009 was $8,350. Supplies costing
$16,650 were acquired during the year and charged to the Supplies
Inventory. A count on December 31, 2009 indicated supplies on hand of
SUPPLIES / INVENTORY
On April 30, 2009, a one-year, 12 percent note receivable for $20,000 was
received from a customer.
Principal and interest will be repaid on April 30,
On March 1, 2009, $8,400 was paid in advance for rent for one year and a
was debited when the entry was made.