During Bisbee's first year of business, office supplies were purchased for cash in the amount of $4,300 and the amount was debited to supplies expense. At the end of the first year, the physical count indicated that $425 of supplies was unused. How much should be reported on the income statement at year end for office supplies expense?
a. $4,300
b. $3,875
c. $4,725
d. $425

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The Answer of During Bisbee's first year of business, office supplies were purchased for cash in the amount of $4,300 and the amount was debited to supplies expense. At the end of the first year, the physical count indicated that $425 of supplies was unused. How much should be reported on the income statement at year end for office supplies expense?
a. $4,300
b. $3,875
c. $4,725
d. $425

During Bisbee's First Year of Business, Office Supplies Were Purchased