Which general journal topic would this fall under and which would go under credi
ID: 2424995 • Letter: W
Question
Which general journal topic would this fall under and which would go under credit and debit?
1. Expired insurance, an administrative expense, for the fiscal year is $1,600.
2.Store supplies still available at fiscal year-end amount to $2,250.
Expired insurance, an administrative expense, for the fiscal year is $1,600.
Depreciation expense on store equipment, a selling expense, is $1,600 for the fiscal year.
3.Store supplies still available at fiscal year-end amount to $2,250.
Expired insurance, an administrative expense, for the fiscal year is $1,600.
Depreciation expense on store equipment, a selling expense, is $1,600 for the fiscal year.
To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,600 of inventory is still available at fiscal year-end. 4.
Explanation / Answer
Particulars/GL Head Statement Falls Under Debit Credit Insurance Income Statement 1,600 Supplies Balance Sheet 2,250 Depreciation Income Statement 1,600 Stores Supplies Balance Sheet 2,250 Inventory Balance Sheet 10,600