On January 1^st, Andrew Company began the year with $1,200 worth of supplies, and during the year, purchased $4,800 worth of supplies on account. On December 31^st, the fiscal year end, it is determined that $3,000 dollars of supplies have been used up.
What is the balance in the supplies account after adjustment?

Question

Quizplus · Accepted Answer

Beginning supplies + Purchases - Supplies used = Ending supplies
$1,200 + $4,800 - $3,000 = X
X = $3,000

On January 1st, Andrew Company Began the Year with $1,200

On January 1^st, Andrew Company Began the Year with $1,200