During its first year of business, XYZ Inc. purchased $1,600 of supplies. By the end of the year, only $500 of supplies remain in the supply cabinet. Determine the amount to be reported in the Supplies account in the Adjusted Trial Balance section of the worksheet prepared on December 31.
A)$500
B)$1,600
C)$1,100
D)$2,100

Question

Quizplus · Accepted Answer

The Supplies account in the Adjusted Trial Balance should show the current value of supplies on hand, which is $500. This reflects the amount of supplies remaining at the end of the year.

During Its First Year of Business, XYZ Inc