The asset account Office Supplies has a balance of $835 at the beginning of the

Question

The asset account Office Supplies has a balance of $835 at the beginning of the year. The amount on hand at the end of the year is $570. The company has calculated the Supplies Expense for the year to be $4,200. Based on this information, what amount of office supplies was purchased during the year?

The asset account Office Supplies has a balance of $835 at the beginning of the year. The amount on hand at the end of the year is $570. The company has calculated the Supplies Expense for the year to be $4,200. Based on this information, what amount of office supplies was purchased during the year?

Explanation / Answer

Purchases during the year = Office supplies at the end of the year + Office supplies expenses - office supplies at the beginning of the year

= $570 + $4200 - $ 835

= $ 3935

Amount of office supplies purchased during the year in $ 3935.

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