Stae x Ohapter 3 Homeworkx (--) 1 Not secure l erto.mhed.K tpx connet ACCOUNTING

Question

Stae x Ohapter 3 Homeworkx (--) 1 Not secure l erto.mhed.K tpx connet ACCOUNTING Chapter 3 Homework Question 21 (of 30) The following informac pplies to the questions displayed below Ar the beginning of May, Golden Gophe nany reports a balance in Supptes of $400 On May 15, Golden pplies to the questions displayed below Gopher purchases an nddltionel $2.300 of pptes for cash. By the end of May, only $200 of supplies remains 21. 83 points stment on May 31 of Supplies and Supplies Expense (Omit the "S 3. Calculate the balances aher sign in your response- Ending Balance Supplies Supplies expense References Book & Resources Worksheet oimculty Medium Check m

Explanation / Answer

Supplies and supplies expenses

supplies = beginning balance +purchase-adjustment made

supplies= $400+$2300-$2500*

= $200

supplies expenses

supplies expenses= adjustment made

= $2500

therefore the balance of supplies on may 31 is $200 and the balance of supplies expenses on may 31  is $2500

* supplies= 400+2300-200=$ 2500

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