A company started the year with $2,000 of office supplies. During the year and additional $8,000 of supplies were purchased. A physical count of office supplies on December 31 showed that $3,200 of supplies were available. At December 31, how much should the company record as Supplies Expense for the year?

Question

Business

Ashlynn Manning

12 December, 12:06

A company started the year with $2,000 of office supplies. During the year and additional $8,000 of supplies were purchased. A physical count of office supplies on December 31 showed that $3,200 of supplies were available. At December 31, how much should the company record as Supplies Expense for the year?

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Answers (1)

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Kylee Fischer · Answer 1

The correct answer is to record 6.800 as supplies expenses for the year

Explanation:

Explanation, Firstly, you have to sum the amount of the beginning balance plus the supplies purchased (2.000+8.000 = 10.000) then subtract the value of the physical count (10.000-3200 = 6.800) Having said that we can deduct that the amount to be record as supplies expenses for the year is 6.800