Saturday, February 22, 2014

EX 3-4 Determining supplies purchased

The supplies and supplies expense accounts at December 31, after adjusting entries have
been posted at the end of the first year of operations, are shown in the following T accounts:
                    Supplies                                              Supplies Expense
            Bal. 900                                                 Bal. 2,750
Determine the amount of supplies purchased during the year.

Answer:
$3,650 = ($900 + $2,750)

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