Asked by Chynna Hughes on Jun 26, 2024
Verified
Werner Company had $1,300 of store supplies at the beginning of the current year.During this year,Werner purchased $6,250 worth of store supplies.On December 31,$1,125 worth of store supplies remained.Calculate the amount of Werner Company's store supplies expense for the current year.
Store Supplies Expense
Store supplies expense refers to the cost of materials and supplies consumed or used up in the operation of a retail store, recognized as an expense on the income statement.
Store Supplies
Materials and items used in the daily operations of a store, which do not directly enter into the production of goods.
- Obtain insight and employ the procedure of journal entry preparation for distinct financial transactions.
Verified Answer
HN
Huong NguyenJul 01, 2024
Final Answer :
Beginning balance + Purchases — Ending balance = Supplies expense
\quad\quad\quad\quad $1,300 + $6,250 — $1,125 = $6,425
\quad\quad\quad\quad $1,300 + $6,250 — $1,125 = $6,425
Learning Objectives
- Obtain insight and employ the procedure of journal entry preparation for distinct financial transactions.
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