During an accounting period, office supplies were purchased on account for $3,500. A physical count on the last day of the period shows $900 of office supplies on hand. Supplies expense for the period is $3,300. What was the beginning balance of office supplies?

During an accounting period, office supplies were purchased on account for $3,500. A physical count on the last day of the period shows $900 of office supplies on hand. Supplies expense for the period is $3,300. What was the beginning balance of office supplies?

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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am. 295.
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