Homework Answers
Statement of Supplies Account:
| Amount ($) | Amount ($) | ||
| Beginning Supplies | 1,200 | Accounts Payable paid | 3,000 |
| Purchases | 3,400 | Ending Balance (1,200+3,400-3,000) | 1,600 |
Supplies Expense = Ending Balance of Supplies - Actual Supplies in hand
= $1,600 - $1,400
= $ 200
The Financial Statments for year 1 will show $ 1,600 of Supplies and $ 200 of Supplies Expense.
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