The balance in the office supplies account on January 1 was $7,000, supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,000. The amount to be used for the appropriate adjusting entry is
A) $4,300
B) $12,000
C) $5,000
D) $8,000

Question

Quizplus · Accepted Answer

Amount to be used for the appropriate adjusting entry = Balance in the office supplies account on January 1 + Supplies purchased during January - Supplies on hand at January 31 = $7,000 + $3,000 - $2,000 = $8,000

The Balance in the Office Supplies Account on January 1