Question

On January 1, 2019, the general ledger of Global Corporation included supplies of $1,300. During 2019, supplies purchased amounted to $5,600. A physical count of inventory on hand at December 31, 2019 determined that the amount of supplies on hand was $1,500. How much is the supplies expense for year 2019?

Answer 1

Answer:

the  supplies expense for the year 2019 is $5,400

Explanation:

The computation of the supplies expense for the year 2019 is as follows:

Supplies Expense = Opening balance of Office supplies + Purchase of supplies during the year - ending balance of Office supplies

= $1,300 + $5,600 - $1,500

= $5,400

Hence, the  supplies expense for the year 2019 is $5,400

We simply applied the above formula so that the correct value could come

And, the same is to be considered