Clarke Shop purchased supplies at a cost of $18,000 during 2015.At January 1, 2015, the beginning balance in the supplies account was $1,000.For 2015, supplies expense was $16,000.How much "Supplies" are on hand as of December 31, 2015?

Question

Quizplus · Accepted Answer

The beginning balance of supplies was $1,000, and $18,000 worth of supplies were purchased, totaling $19,000. With a supplies expense of $16,000, the remaining supplies on hand would be $19,000 - $16,000 = $3,000.

Clarke Shop Purchased Supplies at a Cost of $18,000 During