The asset account, Office Supplies, had a beginning balance of $3,000. During the accounting period, office supplies were purchased, on account, for $2,600. Supplies Expense for the accounting period is $4,800. What is the ending balance of Office Supplies? A. $5,600 B. $800 C. $4,800 D. $5,200

The asset account, Office Supplies, had a beginning balance of $3,000. During the accounting period, office supplies were purchased, on account, for $2,600. Supplies Expense for the accounting period is $4,800. What is the ending balance of Office Supplies? A. $5,600 B. $800 C. $4,800 D. $5,200

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

The asset account, Office Supplies, had a beginning balance of

$3,000.

During the accounting period, office supplies were purchased, on account, for

$2,600.

Supplies Expense for the accounting period is

$4,800.

What is the ending balance of Office Supplies?

$5,600

$800

$4,800

$5,200

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