On January 1,2019,the general ledger of Global Corporation included supplies of $1,000.During 2019,supplies purchased amounted to $5,000.A physical count of inventory on hand at December 31,2019 determined that the amount of supplies on hand was $1,200.How much is the supplies expense for year 2019?
A)$6,000.
B)$5,200.
C)$4,800.
D)$1,000.

Question

Quizplus · Accepted Answer

The supplies expense is calculated as the beginning balance plus purchases minus the ending balance: $1,000 + $5,000 - $1,200 = $4,800.

On January 1,2019,the General Ledger of Global Corporation Included Supplies