If 950 of supplies is on hand at the end of the year the, Ask an Expert

Accounting

The Supplies account has a balance of $750 at the beginning of the year and was debited during the year for $2800, representing the total of supplies purchased during the year. If $950 of supplies is on hand at the end of the year, the supplies expense to be reported on the profit and loss statement for the year is:

A. $750

B. $950

C. $2600

D. $4500.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M938086

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