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At the start of the period, the accounts payable balance was P75,000 and the unused supplies has a balance of P5,000. Total purchases on account amounted to P180,000 during the period including the supplies purchase of P15,000 At the end of the year, the unused supplies balance is P4,500 and the accounts payable balance is P45,000. 54. The supplies expense for the period is 4,500 b 15,000 C 15,500 d. 20,000 a.

At the start of the period, the accounts payable balance was P75,000 and the unused supplies has a balance of P5,000. Total purchases on account amounted to P180,000 during the period including the supplies purchase of P15,000 At the end of the year, the unused supplies balance is P4,500 and the accounts payable balance is P45,000. 54. The supplies expense for the period is 4,500 b 15,000 C 15,500 d. 20,000 a.

FINANCIAL ACCOUNTING
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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Supplies expense for the period

ITEMS 54 THROUGH 55 ARE BASED ON THE FOLLOWING INFORMATION. At the start of the period, the accounts payable balance was P75,000 and the unused supplies has a balance of P5,000. Total purchases on account amounted to P180,000 during the period including the supplies purchase of P15,000 At the end of the year, the unused supplies balance is P4,500 and the accounts payable balance is P45,000. 54. The supplies expense for the period is a 4,500 b. 15,000 C. 15,500 d. 20,000 55 The payment of accounts payable during the period is 75,000 b 180,000 c. 210,000 d 215,000
Transcribed Image Text:ITEMS 54 THROUGH 55 ARE BASED ON THE FOLLOWING INFORMATION. At the start of the period, the accounts payable balance was P75,000 and the unused supplies has a balance of P5,000. Total purchases on account amounted to P180,000 during the period including the supplies purchase of P15,000 At the end of the year, the unused supplies balance is P4,500 and the accounts payable balance is P45,000. 54. The supplies expense for the period is a 4,500 b. 15,000 C. 15,500 d. 20,000 55 The payment of accounts payable during the period is 75,000 b 180,000 c. 210,000 d 215,000
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