Homework Answers
Answer.1
Option C is correct.
ie. Supplies in hand at year end will be $4300 as given in question..
And supplies consumption during the year or supplies expense during the year will be...
Opening supplies (beginning of year) + purchase during year - closing supplies (at year end)
ie. $2400 + $7100 - $4300
ie. $5200 is supplies expense/ consumed during the year.
(Paid to Account payable is other matter its not related to consumption,as he purchased of $7100 on Account, and now he has paid him a part of such purchase like $3300.)
It means that now account's payable balance on year end will be $7100 - $3300. ie. $3800.
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