At February 1, 2017, the balance in Goebel Inc.'s supplies account was $3,500. During February. Goebel purchased supplies of $3,000 and used supplies of $4,000. At the end of February, the balance in the Supplies account should be

Question

Quizplus · Accepted Answer

The beginning balance of $3,500 plus purchases of $3,000 equals $6,500. Then, subtracting the supplies used of $4,000 leaves a balance of $2,500. Therefore, the answer is a $2,500 debit.

At February 1, 2017, the Balance in Goebel Inc