A company had no office supplies at the beginning of the year. During the year, the company purchased $370 worth of office supplies. On December 31, $135 worth of office supplies remained. How much should the company report as office supplies expense for the year

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05-07-2022
Business

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A company had no office supplies at the beginning of the year. During the year, the company purchased $370 worth of office supplies. On December 31, $135 worth of office supplies remained. How much should the company report as office supplies expense for the year

Sagot :

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tripatsingh039 tripatsingh039 · Answer 1 · 2022-07-16T12:48:45-04:00

The company report as office supplies expense for the year as

$400.

Supplies expense

Supplies expense refers to the cost of consumables used during a reporting period. Depending on the type of business, this can be one of the larger corporate expenses. There are two types of supplies that may be charged to expense.

How do you record supplies expense?

Debit the supplies expense account for the cost of the supplies used. Balance the entry by crediting your supplies account. For example, if you used $220 in supplies, debit the supplies expense for $220 and credit supplies for an equal amount.

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A company had no office supplies at the beginning of the year. During the year, the company purchased $370 worth of office supplies. On December 31, $135 worth of office supplies remained. How much should the company report as office supplies expense for the year

Sagot :

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