During the Accounting Period,office Supplies Were Purchased on Account for $4,000.A

question 202

Multiple Choice

During the accounting period,office supplies were purchased on account for $4,000.A physical count,on the last day of the accounting period,shows $1,400 of office supplies on hand.Supplies Expense for the accounting period is $2,700.What was the beginning balance of Office Supplies?

• A) $4,100
• B) $2,600
• C) $100
• D) There is not enough information to answer this question.

---

Definitions:

Treasury Stock

A corporation’s own stock that has been issued and subsequently reacquired from shareholders by the corporation but not retired.

Investing Activity

Transactions involving the purchase or sale of long-term assets and investments, reflected in the cash flow statement of a company.

Operating Activities

Activities that relate to the primary operations of a company, such as selling goods and services, which generate revenue and expenses.

Fixed Assets

Long-term tangible assets used in the operations of a business, not expected to be converted to cash within a year.