GB 518 Course Great Wisdom / tutorialrank.com GB 518 Course Great Wisdom / tutorialrank.com | Page 5

Debit Salaries Expense $600 and credit Salaries
Payable $600
Debit Salaries Payable $400 and credit Salaries
Expense $400
Question 6. Question :
A company's Office Supplies account
shows a beginning balance of $600 and an ending balance of $400. If
office supplies expense for the year is $3,100, what amount of office
supplies was purchased during the period?
Question 7. Question :
A company had no office supplies
available at the beginning of the year. During the year, the company
purchased $250 worth of office supplies. On December 31, $75
worth of office supplies remained. How much should the company
report as office supplies expense for the year?
Question 8. Question :
An account link ed with another
account that has an opposite normal balance and that is subtracted
from the balance of the related account is a(n):

Question 9.

Question :

The Income Summary account is used:

To adjust and update asset and liability accounts

To close the revenue and expense accounts