Chapter 9 Quiz

The journal entry for supplies used includes a credit to an asset account. debit to an asset account. credit to an expense account. debit to the owner's capital account.

credit to an asset account.

Jerrard's Bakery initially purchases supplies as an asset. The trial balance total in the Supplies account is $900, but a physical count shows actual supplies of $360. The adjusting entry to Supplies would be debit Supplies Expense $360 and credit Supplies $360. debit Supplies $360 and credit Miscellaneous Expense $360. debit Supplies $540 and credit Accounts Payable $540. debit Supplies Expense $540 and credit Supplies $540.

debit Supplies Expense $540 and credit Supplies $540.

The purpose of verifying that the trial balance debit and credit totals are equal is to show that all entries have been journalized. to test the equality of the debit and credit balances in the general ledger. to show that the general ledger has the correct account balances. all of the above.

to test the equality of the debit and credit balances in the general ledger.