Suppose Simeon Company begins the year with $1,000 in supplies,purchases an additional $5,500 of supplies during the year,and ends the year with $700 in supplies.The year-end adjusting entry includes Supplies Expense of $7,200.

Question

Quizplus · Accepted Answer

The correct Supplies Expense should be $5,800, calculated as beginning supplies ($1,000) plus purchases ($5,500) minus ending supplies ($700).

Suppose Simeon Company Begins the Year with $1,000 in Supplies,purchases