Question
ABC Company purchased office supplies on account during the month of April for $2,600. Payment for the supplies will be made in May. On April
ABC Company purchased office supplies on account during the month of April for $2,600. Payment for the supplies will be made in May. On April 1, the balance in the supplies account had a balance of $350. On April 30, supplies on hand amounted to $140. What was the amount of supplied used during April?
a. | $350 | |
b. | $2,460 | |
c. | $2,600 | |
d. | $2,810 | |
e. | none of the above |
Refer to the information above for ABC Company. What amount should appear on the company's April 30 balance sheet as Supplies, and what amount should appear on the company's April income statement as Supplies Expense, respectively?
a. | $140, $2,600 | |
b. | $140, $350 | |
c. | $140, $2,810 | |
d. | $350, $2,600 | |
e. | $350, $2,950 |
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