During the accounting period, office supplies were purchased on account for $3,200. A physical count, on...
During the accounting period, office supplies were purchased on account for $3,200. A physical count, on the last day of the accounting period, shows $1,100 of office supplies on hand. Supplies Expense for the accounting period is $3,300. What was the beginning balance of Office Supplies
A. $4,400 B. $2,100 C. $1,200 D. There is not enough information to answer this question
Homework Answers
Answer: C) $ 1,200
As we know,
Beginning balance + Purchase - Expense = Ending Balance
Let the Beginning balance of Office Supplies be "X" .
Therefore,
X + $ 3,200 - $ 3,300 = $ 1,100
X + $ 3,200 = $ 1,100 + $ 3,300
X = $ 1,100 + $ 3,300 - $ 3,200
X = $ 1,200
Therefore beginning balance of Office Supplies is a $ 1,200
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