Vake purchased supplies at a cost of $18,000 during 2017.At January 1,2017,the beginning balance in the Supplies account was $1,000.For 2017,supplies expense was $16,000.How much "Supplies" are on hand as of December 31,2017?

Question

Quizplus · Accepted Answer

The supplies on hand as of December 31, 2017 can be calculated using the following formula:

Beginning Supplies + Supplies Purchased - Supplies Expense = Ending Supplies

$1,000 + $18,000 - $16,000 = $3,000

Therefore, the answer is B) $3,000.

Vake Purchased Supplies at a Cost of $18,000 During 2017