The asset account, Office Supplies, had a beginning balance of $3,700. During the accounting period, office supplies were purchased, on account, for $2,500. Supplies Expense for the accounting period is $4,300. What is the ending balance of Office Supplies?

Question

Quizplus · Accepted Answer

Beginning balance + purchases - expenses = ending balance
$3,700 + $2,500 - $4,300 = $1,900. 
Therefore, the ending balance of Office Supplies is $1,900.

The Asset Account, Office Supplies, Had a Beginning Balance of $3,700