Question

FINANCIAL & MANAGERIAL (ACC 110/210) Kimmel, Accounting, 6e Assignment Gradebook ORION Downloadable eTextbook FULL SCREEN CALCULATOR PRINTER VERSION BACK NEXT Question 25 At February 1, 2017, the balance in Pharoah Company supplies account was $4340. During February, Pharoah purchased supplies of $3720 and used supplies of $4960 At the end of February, the balance in the Supplies account should be $5580 credit. $4340 debit $13020 debit. $3100 debit SAVE FOR LATER SUBMIT ANSWER Question Attempts: 0 of 1 used Version 4.24.18 Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc Policy | 2000-2020 John Wiley

Answer 1

Balance in the Supplies account at the end of February

Balance in the Supplies account at the end of February = Supplies at the beginning of February + Supplies purchased – Supplies used

= $4,340 Debit + $3,720 Debit - $4,960 Credit

= $3,100 Debit

“Hence, the   Balance in the Supplies account at the end of February will be $3,100 Debit”