A company had office supplies costing $50 at 1 July 2011.Purchases during the year amounted to $420 and a stocktake at 30 June 2009 disclosed supplies valued at $90.What is the amount to be debited to supplies expense account at 30 June 2012?

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Quizplus · Accepted Answer

The supplies expense is calculated as the opening balance plus purchases minus the closing balance: $50 + $420 - $90 = $380.

A Company Had Office Supplies Costing $50 at 1 July