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9 September, 20:13

The supplies account had a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is

a. $2,000

b. $400

c, $6,400

d. $6,800

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Answers (1)
  1. 9 September, 22:26
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    c, $6,400

    Explanation:

    Supply is an account on current asset on B/s

    Balance at the beginning of the year = 4400

    added during the year = 2400

    Total = 6800

    balance at the end of the year = 400

    cash received = 6800 - 400

    = 6400

    income accounted for = 6400
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