The asset account, Office Supplies had a beginning balance of $5,300. During the accounting period, office supplies were purchased, on account, for $4,900
A physical count, on the last day of the accounting period, shows $2,300 of office supplies on hand. What is the amount of Supplies Expense for the accounting period?
A) $4,900
B) $2,700
C) $7,900
D) $3,000
ANSWER
C .Office Supplies:
Beginning balance $5,300
Add Office Supplies purchased 4,900
10,200
Less Ending balance 2,300
Office Supplies expensed $7,900
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