Maya Co. had $12,000 of supplies at the end of October. During November, the company bought $4,000 of supplies. At the end of November, the company had $2,000 of supplies remaining. Which of the following statements is not correct? A. During November, the company used $14,000 of supplies. B. Supplies should be reported at $2,000 on the balance sheet. C. An expense should be debited for $14,000 in November. D. An asset should be debited for $2,000 in November.
Maya Co. had $12,000 of supplies at the end of October. During November, the company bought $4,000 of supplies. At the end of November, the company had $2,000 of supplies remaining. Which of the following statements is not correct? A. During November, the company used $14,000 of supplies. B. Supplies should be reported at $2,000 on the balance sheet. C. An expense should be debited for $14,000 in November. D. An asset should be debited for $2,000 in November.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Maya Co. had $12,000 of supplies at the end of October. During November, the company bought $4,000 of supplies. At the end of November, the company had $2,000 of supplies remaining. Which of the following statements is not correct?
A. During November, the company used $14,000 of supplies.
B. Supplies should be reported at $2,000 on the balance sheet.
C. An expense should be debited for $14,000 in November.
D. An asset should be debited for $2,000 in November.
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