Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. m) the office supplies inventory account had a bal

M) The office supplies inventory account had a balance of $2,000 at the beginning of...

50.1K

Verified Solution

Question

Accounting

M)

The office supplies inventory account had a balance of $2,000 at the beginning of fiscal year X1. Purchases of supplies during the year amounted to $9,000. Finally, the cost of supplies not used at the end of the fiscal year was evaluated at $3,500, following an inventory count. Note that all purchases during the period were accounted for in the Office Supplies Inventory (ESF) account.

Based on this information, indicate the amount that should be presented in the income statement as office supplies used (expense) for fiscal year X1?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students