Lean Ltd. had a balance of $52,300 in the office supplies account at the start of the year. During the year, purchases of $141,700 were made and debited to office supplies account. At the end of the year, a physical count of the office supplies indicated $41,800 on hand. What was the office supplies expense for the year?

Question

Quizplus · Accepted Answer

To find the office supplies expense for the year, we need to use the following formula:

Office Supplies Expense = Beginning Balance + Purchases - Ending Balance

Substituting the values given in the problem, we get:

Office Supplies Expense = $52,300 + $141,700 - $41,800
Office Supplies Expense = $152,200

Therefore, the answer is choice B, $152,200.

Lean Ltd Had a Balance of $52,300 in the Office Supplies