On January 1,2011,the general ledger of Global Corporation included supplies inventory of $1,000.During 2011,supplies purchases amounted to $5,000.A physical count of inventory on hand at December 31,2011 determined that the supplies inventory was $1,200.How much is the 2011 supplies expense?

Question

Quizplus · Accepted Answer

Supplies expense = $4,800 = $1,000 + $5,000 - $1,200

On January 1,2011,the General Ledger of Global Corporation Included Supplies