The asset account, Office Supplies, had a beginning balance of $ 4 comma 000. During the accounting period, office supplies were purchased, on account, for $ 2 comma 500. Supplies Expense for the accounting period is $ 4 comma 600. What is the ending balance of Office Supplies?

Question

Business

Phoebe Clay

2 March, 02:38

The asset account, Office Supplies, had a beginning balance of $ 4 comma 000. During the accounting period, office supplies were purchased, on account, for $ 2 comma 500. Supplies Expense for the accounting period is $ 4 comma 600. What is the ending balance of Office Supplies?

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Answers (1)

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Halle Drake · Answer 1

The ending balance of Office Supplies is $1,900

Explanation:

The ending balance of Office Supplies = the beginning balance + the purchasing amount - the supplies expense

= $4,000 + $2,500 - $4,600

=$1,900