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19 January, 18:14

The asset account, Office Supplies had a beginning balance of $5,700. During the accounting period, office supplies were purchased, on account, for $5,100. A physical count, on the last day of the accounting period, shows $2,000 of office supplies on hand. What is the amount of Supplies Expense for the accounting period?

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  1. 19 January, 18:30
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    The amount of Supplies Expense for the accounting period is $8,800

    Explanation:

    Supplies Expense for the accounting period = Beginning Office Supplies balance + Purchased Office Supplies - Ending Office Supplies balance

    In the case:

    Office Supplies had a beginning balance of $5,700. The amount of purchasing Office Supplies were $5,100.

    On the last day of the accounting period, the amount of office supplies on hand were $2,000

    Supplies Expense = $5,700 + $5,100 - $2,000 = $8,800
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