Moore General Store purchased office supplies on account during the month of March for $5,000.  Payment for the supplies will be made in April.  On March 1, the balance in the supplies account was $350.  On March 31, supplies on hand amounted to $310.  What amount should appear on the company's March 31 balance sheet as Supplies, and what amount should appear on the company's March income statement as Supplies Expense, respectively? Select one: a. $310, $5,000 b. $350, $5,040 c. $310, $5,040 d. $350, $5,000 e. $310, $5,350

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Moore General Store purchased office supplies on account during the month of March for $5,000.  Payment for the supplies will be made in April.  On March 1, the balance in the supplies account was $350.  On March 31, supplies on hand amounted to $310. 

What amount should appear on the company's March 31 balance sheet as Supplies, and what amount should appear on the company's March income statement as Supplies Expense, respectively?

Select one:
a. $310, $5,000
b. $350, $5,040
c. $310, $5,040
d. $350, $5,000
e. $310, $5,350
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