Court Corporation purchased supplies at a cost of $24,000 during 2012. At January 1, 2012, supplies on hand were $2,000. At December 31, 2012, supplies on hand are $2,100. Calculate supplies expense for 2012.

Question

Quizplus · Accepted Answer

To calculate supplies expense for 2012, we need to subtract the supplies on hand at the end of the year from the total supplies purchased during the year, and then add back the supplies on hand at the beginning of the year. 
Supplies expense = $24,000 - $2,100 + $2,000 = $23,900. Therefore, the correct answer is choice B.

Court Corporation Purchased Supplies at a Cost of $24,000 During