Question

QUESTION 18

Entity E's balance sheet reveals that it has bonds payable maturing in ten years with a balance of $1,000,000. The discount on bonds payable account also has a balance of $40,000. What is the carrying value of the bonds?

		$960,000
		$1,040,000
		$1,000,000
		need more information

QUESTION 19

Which of the following are increased by credits?

		expenses and losses
		assets
		dividends
		revenues and gains

QUESTION 20

The asset account, Supplies, has a balance of $700 on January 1, 2022. During January, $16,000 of supplies was purchased on account and the liability was appropriately recorded. A count of supplies at the end of January indicates a balance of $900. The company prepares monthly adjusting entries. What adjusting entry is necessary at January 31?

		Dr. Supplies Expense 15,800 Cr. Supplies 15,800
		Dr. Supplies Expense 16,000 Cr. Supplies 14,400 Cr. Accounts Payable 1,600
		Dr. Supplies 16,000 Cr. Accounts Payable 16,000
		Dr. Supplies Expense 16,200 Cr. Supplies 16,200

Answer 1

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