The asset account, Office Supplies had a beginning balance of $5,300. During the accounting period, office supplies were purchased, on account, for $5,500. A physical count, on the last day of the accounting period, shows $2,800 of office supplies on hand. What is the amount of Supplies Expense for the accounting period?

Question

Quizplus · Accepted Answer

The Supplies Expense is calculated as the beginning balance plus purchases minus the ending balance: $5,300 + $5,500 - $2,800 = $8,000.

The Asset Account, Office Supplies Had a Beginning Balance of $5,300