Question

Which of these is correct as it relates to classification, type, normal balance, financial statement, permanent or temporary, closed or not closed, adjusted or not adjusted, type of adjusting entry, account classification combination, and on a post-closing trial balance (PCTB) or not for the account Supplies?

Group of answer choices

None of these

Asset, Current Asset, Debit, Balance Sheet, Permanent, Not Closed, Adjusted, Deferred Expense, Expense &Asset, and on PCTB

Asset, Current Asset, Debit, Balance Sheet, Permanent, Not Closed, Adjusted, Deferred Expense, Asset&Expense, and on PCTB

Asset, Current Asset, Debit, Balance Sheet, Permanent, Not Closed, Adjusted, Deferred Expense, Asset&Expense, and on PCTB

Asset, Current Asset, Debit, Balance Sheet, Nominal, Not Closed, Adjusted, Deferred Expense, Expense&Asset, and on PCTB

Answer 1

Supplies accounts represent supplies on hand as on balancesheet date. It is a current asset listed after inventory and hence premanent. The adjusting account is supplies expense account. The journal entry on adjustment is supplies expense a/c Debit to Supplies a/c credit

Thus

Classification	Asset
type	Current asset
normal balance	Debit
Financial statement	Balancesheet
Permanent or temporary	Permanent
Closed or not closed	Not closed
Adjusted or not adjusted	Adjusted
Type of adjusting entry	Deferred expense
Account classification combination	Expense & asset
On PCTB or not	on PCTB

Asset, Current Asset, Debit, Balance Sheet, Permanent, Not Closed, Adjusted, Deferred Expense, Expense &Asset, and on PCTB

And option II