Which of the following items represents a deferral?
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1. Which of the following items represents a deferral?
A. Prepaid insurance
B. Wages payable
C. Fees earned
D. Accumulated depreciation
2. If the supplies account indicated a balance of $2,250 before adjustment on May 31 and supplies on hand at May 31 totaled $950, the adjustment would be:
A. Increase Supplies, $950; Decrease Supplies Expense, $950.
B. Increase Supplies, $1,300; Decrease Supplies Expense, $1,300.
C. Increase Supplies Expense, $950; Decrease Supplies, $950.
D. Increase Supplies Expense, $1,300; Decrease Supplies, $1,300.
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