The asset account, Office Supplies, had a beginning balance of $3,800. During the accounting period, office supplies were purchased, on account, for $2,500. Supplies Expense for the accounting period is $4,000
What is the ending balance of Office Supplies?
A) $6,300
B) $2,300
C) $4,000
D) $5,300
ANSWER
B .Office Supplies:
Beginning balance $3,800
Add Office Supplies purchased 2,500
6,300
Less Office Supplies expensed 4,000
Office Supplies $2,300
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