The 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 year?

Question

Quizplus · Accepted Answer

The amount of office supplies purchased during the year can be calculated using the formula: Beginning balance + Purchases - Ending balance = Expense
Plugging in the given values, we get:
$600 + Purchases - $400 = $3,100
Solving for Purchases, we get: Purchases = $2,900
Therefore, the best choice is B, with the explanation that the amount of office supplies purchased during the year is $2,900.

The Office Supplies Account Shows a Beginning Balance of $600