Question

A company started the year with $2,000 of office supplies. During the year and additional $8,000 of supplies were purchased. A physical count of office supplies on December 31 showed that $3,200 of supplies were available. At December 31, how much should the company record as Supplies Expense for the year?

Answer 1

The correct answer is to record 6.800 as supplies expenses for the year

Step-by-step explanation:

Explanation, Firstly, you have to sum the amount of the beginning balance plus the supplies purchased (2.000+8.000= 10.000) then subtract the value of the physical count (10.000-3200= 6.800) Having said that we can deduct that the amount to be record as supplies expenses for the year is 6.800