Question

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

Answer 1

Answer:

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