A law firm purchased supplies at a cost of $20,000 during the year. At January 1, the beginning balance in the supplies account was $1,300. For the year, supplies expense was $11,200. How much "Supplies" are on hand as of December 31?

Question

Quizplus · Accepted Answer

The beginning balance of supplies was $1,300, and $20,000 worth of supplies were purchased, totaling $21,300. With a supplies expense of $11,200, the remaining supplies on hand would be $21,300 - $11,200 = $10,100.

A Law Firm Purchased Supplies at a Cost of $20,000