The Asset Account,Office Supplies,had a Beginning Balance of $3,700

question 50

Multiple Choice

The asset account,Office Supplies,had a beginning balance of $3,700.During the accounting period,office supplies were purchased,on account,for $3,500.Supplies Expense for the accounting period is $4,100.What is the ending balance of Office Supplies?

• A) $7,200
• B) $3,100
• C) $4,100
• D) $4,300

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Definitions:

Recurring Transactions

Transactions that occur regularly, such as monthly subscriptions or utility payments, which can be automated in accounting software.

Adjusting Entries

Bookkeeping records created at the closure of an accounting cycle to distribute revenues and expenses to the timeframe in which they were genuinely incurred.

Onscreen Journal

A digital ledger within accounting software that displays financial transactions in chronological order.

Depreciation

The method of allocating the cost of a tangible asset over its useful life.