Tonken Company had $300 of supplies at the beginning of the year. They purchased $1,350 of...

Tonken Company had $300 of supplies at the beginning of the year. They purchased $1,350 of supplies throughout the year. At the end of the year, they had $520 of supplies on hand. How would Tonken record the supplies used throughout the year?

a. Debit Supplies Expense: $520, credit Cash: $520.

b. Debit Supplies Expense: $1,130, credit Supplies: $1,130

c. Debit Supplies Expense: $520, credit Supplies: $520.

d. Debit Supplies Expense: $1,130, credit Cash: $1,130

Expert Solution

Answer B

supplies used during the year = opening supplies + purchases during year - closing supplies

= 300+1350-520

= $ 1130

supplies expences 1130

supplies 1130

ekkarill92 answered 2 years ago

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