A company's Office Supplies account shows a beginning balance of $600 and an ending balance of $400. If office supplies expense for the year is $3,100, what amount of office supplies was purchased during the period?

Question

Quizplus · Accepted Answer

The formula to calculate the amount of office supplies purchased is: 
Purchased = Ending balance + Expense - Beginning balance

Substituting the values in the formula:
Purchased = 400 + 3,100 - 600
Purchased = 2,900

Therefore, the amount of office supplies purchased during the period is $2,900, which corresponds to option B.

A Company's Office Supplies Account Shows a Beginning Balance of $600