The supplies account had a balance of $887 at the beginning of the year and was...
The supplies account had a balance of $887 at the beginning of the year and was debited during the year for $3,642, representing the total of supplies purchased during the year. If $2,605 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is
$2,605
$6,247
$1,924
$4,529
Homework Answers
C. $1,924
Supplies expense = Beginning balance + Purchases - Ending balance
Supplies expense = $887 + $3,642 - $2,605
Supplies expense = $1,924
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