M) The office supplies inventory account had a balance of $2,000 at the beginning of...
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Accounting
M)
The office supplies inventory account had a balance of $2,000 at the beginning of fiscal year X1. Purchases of supplies during the year amounted to $9,000. Finally, the cost of supplies not used at the end of the fiscal year was evaluated at $3,500, following an inventory count. Note that all purchases during the period were accounted for in the Office Supplies Inventory (ESF) account.
Based on this information, indicate the amount that should be presented in the income statement as office supplies used (expense) for fiscal year X1?
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