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) $3,000 B) $7,900 C) $4,900 D) $2,700

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Business

Justus

22 May, 05:54

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) $3,000 B) $7,900 C) $4,900 D) $2,700

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Answers (1)

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Diamond Gilbert · Answer 1

correct option is B) $7,900

Explanation:

given data

beginning balance = $5,300

office supplies purchased = $4,900

office supplies on hand = $2,300

to find out

amount of Supplies Expense for the accounting period

solution

we get here amount of Office supplies Expenses that is express as

amount of Office supplies Expenses = beginning balance + office supplies purchased - office supplies on hand ... 1

put here value and we will get

amount of Office supplies Expenses = $5,300 + $4,900 - $2,300

amount of Office supplies Expenses = $7900

so correct option is B) $7,900