Olaf Company began 2013 with $600 in its supplies account. During the year, the company purchased $1,700
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Olaf Company began 2013 with $600 in its supplies account. During the year, the company purchased $1,700 of supplies on account. The company paid $1,500 on accounts payable by year end. On December 31, 2013, Olaf counted $700 of supplies on hand. Olaf's financial statements for 2013 would show:
A. $800 of supplies: $100 of supplies expense
B. 5700 of supplies: $1,600 of supplies expense
C. $700 of supplies: $1,000 of supplies expense
D. $800 of supplies: $1,700 of supplies expense
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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