Purchase Solution

This post calculates the cost of supplies purchased.

Not what you're looking for?

Ask Custom Question

The suppliers account had a balance of $1,460 at the beginning of the month and $1,940 t the end of the month. The cost of supplies used during the month was $6,320. How would one calculate the cost of supplies purchased during the month?

Purchase this Solution
Solution Summary

This solution calculates the cost of supplies purchased during the month based on the following scenario:

The suppliers account had a balance of $1,460 at the beginning of the month and $1,940 t the end of the month. The cost of supplies used during the month was $6,320. How would one calculate the cost of supplies purchased during the month?

Solution Preview

Beginning balance = 1,460
Purchases = X
Ending balance = 1,940
Supplies ...

Purchase this Solution
Free BrainMass Quizzes
Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Basics of corporate finance

These questions will test you on your knowledge of finance.

Introduction to Finance

This quiz test introductory finance topics.

View More Free Quizzes
Related BrainMass Solutions

  • Colo Company

    29 less the May 3 return and a 2% discount. 9 Sold store supplies to the merchant next door at their cost of $350 cash. 10 Purchased $4,074 of office equipment on credit from Gear Supply Co., invoice dated May 10, terms n_10 EOM. 11 Received payment

  • Comprehensive Problem-Perpetual

    Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount. 9 Sold store supplies to the merchant next door at their cost of $350 cash. 10 Purchased $4,074 of office equipment

  • Coleman Equipment

    This solution is comprised of a detailed explanation to a.) Enter the November 1 balances in the ledger accounts. (Use T accounts) b.) Journalize the November transactions. c.) Post to ledger accounts.

  • Chambers Brokerage Journal Entries

    (Hint: The portion of the cost related to May 2006 is an expense for this month.) Transactions during the remainder of the month: 6. Purchased basic office supplies for $1,000 cash. 7. Purchased more office supplies for $3,000 on account. 8.

  • Accounting problems: BE5-1, BE5-5, BE5-10, E5-1, E5-4, E8-1,

    This solution is comprised of a detailed explanation to determine the missing amount for Clearwater Company's income statement, prepare the sales revenues section of the income statement for Piccola Company, determine net purchases and cost of goods purchased

  • Chambers Brokerage Services, Inc.

    Transactions during the remainder of the month: 6. Purchased basic office supplies for cash $1,000 7. Purchased more office supplies on account $3,000 8.

  • The Colo Company: Multiple-Step Income Statement, Statement of Owner's Equity and Classified Balance Sheet

    Cashed the check and paid the employees. 31 Cash sales for the last half of the month are $66,052 (cost is $42,500). 31 Post to the customer and creditor accounts.

  • Maltbee Lawn: Income Statement, Balance Sheet

    His checkbook lists payments for supplies totaling $400 (supplies purchased for $400), and he still has gasoline, weed-eater cord, and other supplies that cost a total of $50 ( the supplies consumed were 400-50=350 and remaining supplies in the balance

  • Examples of Journalizing and the Posting of Adjustments

    Supplies used, $2,500; (supplies totaling $4,000 were purchased on December 1, 2007, and debited to the supplies account). b.

View More Related Solutions