Question

Sheldon Company began Year 1 with $700 in its supplies account. During the year, the company purchased $2,000 of supplies on account. The company paid $1.600 on accounts payable by year end. At the end of Year 1, Sheldon counted $900 of supplies on hand. Sheldons financial statements for Year 1 would show Multiple Choice $900 of supplies; $1,800 of supplies expense $1100 of supplies: $200 of supplies expense $1300 of supplies; $2.000 of supplies expense $900 of supplies: $1,100 of supplies expense

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Answer:

Statement of Supplies account

Amount($)

Beginning

700

Add: Purchases

2000

Total supplies

2700

Less: Paid during the year

1600

Ending balance

1100

Actual supplies on hand

900

Difference is supplies expenses

200

-          $1100 of supplies: $200 of supplies expenses

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