Ask Question
6 December, 10:26

The asset account, Office Supplies had a beginning balance of $ 6 comma 000$6,000. During the accounting period, office supplies were purchased, on account, for $ 5 comma 000$5,000. A physical count, on the last day of the accounting period, shows $ 2 comma 100$2,100 of office supplies on hand. What is the amount of Supplies Expense for the accounting period?

+3
Answers (1)
  1. 6 December, 12:09
    0
    The amount of Supplies Expense for the accounting period is $9,000

    Explanation:

    The computation of the supplies expense is shown below:

    = Beginning balance of office supplies + purchase of office supplies - office supplies on hand

    = $6,000 + $5,000 - $2,000

    = $9,000

    The journal entry is shown below for better understanding:

    Supplies Expense A/c Dr $9,000

    To supplies A/c $9,000

    (Being supplies expense is adjusted)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The asset account, Office Supplies had a beginning balance of $ 6 comma 000$6,000. During the accounting period, office supplies were ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers