At the beginning of January XYZ Company bought $10,000 of supplies. At that time they paid $3,000 for them and owed the rest. During the month they used $8,000 of supplies. What would be supplies expense under accrual accounting for January? $3,000 O $10,000

At the beginning of January XYZ Company bought $10,000 of supplies. At that time they paid $3,000 for them and owed the rest. During the month they used $8,000 of supplies. What would be supplies expense under accrual accounting for January? $3,000 O $10,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

At the beginning of January XYZ Company bought
$10,000 of supplies. At that time they paid $3,000 for
them and owed the rest. During the month they used
$8,000 of supplies. What would be supplies expense
under accrual accounting for January?
O $3,000
O $10,000
O $8,000
O $7,000

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