The supplies account had a balance of $1,443 at the beginning of the year and was debited during the year for $3,065, representing the total of supplies purchased during the year. If $2,666 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is a.$2,666 b.$1,842 c.$5,731 d.$4,508

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The supplies account had a balance of $1,443 at the beginning of the year and was debited during the year for $3,065, representing the total of supplies purchased during the year. If $2,666 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is

a.$2,666
b.$1,842
c.$5,731
d.$4,508
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