Adjusting Entries: Supplies Video Lessons

Video Thumbnail

Concept

Problem: A company started the year with no supplies. During this year they bought $200 worth of supplies on account and later paid $150 of this debt. If there were $40 supplies left at the end of this year, what was the supply expense for the period? A. $160 B. $50 C. $40 D. $10

FREE Expert Solution
Problem Details

A company started the year with no supplies. During this year they bought $200 worth of supplies on account and later paid $150 of this debt. If there were $40 supplies left at the end of this year, what was the supply expense for the period?

A. $160

B. $50

C. $40

D. $10

Frequently Asked Questions

What scientific concept do you need to know in order to solve this problem?

Our tutors have indicated that to solve this problem you will need to apply the Adjusting Entries: Supplies concept. You can view video lessons to learn Adjusting Entries: Supplies. Or if you need more Adjusting Entries: Supplies practice, you can also practice Adjusting Entries: Supplies practice problems.

What is the difficulty of this problem?

Our tutors rated the difficulty ofA company started the year with no supplies. During this yea...as low difficulty.

What professor is this problem relevant for?

Based on our data, we think this problem is relevant for Professor Wasserman's class at RUTGERS.