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The supplies account had a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. If $400 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) $2,000
(B) $400
(C) $6,400
(D) $6,800

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Answer:

The correct answer is C: $6,400

Explanation:

Giving the following information:

The supplies account had a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. $400 of supplies are on hand at the end of the year.

Supplies expense= beginning inventory + purchase - ending inventory

Supplies expense= 4400 + 2400 - 400= $6,400

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