The supplies account has a balance of $4,400 at the beginning of the year and was debited during the year for $2,400,representing the total of supplies purchased during the year.If $400 of supplies are on hand at the end of the year,the supplies expense to be reported on the income statement for the year is
A)$400
B)$2,000
C)$6,800
D)$6,400

Question

Quizplus · Accepted Answer

The supplies expense is calculated as the beginning balance plus purchases minus the ending balance: $4,400 + $2,400 - $400 = $6,400.

The Supplies Account Has a Balance of $4,400 at the Beginning