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All supplies are purchased on credit, and all accounts payable amounts relate only to supplies. The January 1 balances in Accounts Payable and Supplies
All supplies are purchased on credit, and all accounts payable amounts relate only to supplies. The January 1 balances in Accounts Payable and Supplies were $201,200 and $380,160, respectively. At December 31, after adjusting the accounts, the balances were $182,160 and $419,760, respectively. Cash paid for supplies during the year totaled $2,069,600. What was Supplies Expense for the year? a. $2,128,240 b. $2,010,960 c. $2,090,160 d. $2,049,040 e. None of the above.
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