Final answer:
To determine the balance in Goebels Inc.'s supplies account as of a specific date, company financial records must be reviewed, and all transactions within the period must be accounted for through reconciliation.
Step-by-step explanation:
To provide a direct answer regarding the balance in Goebels Inc.'s supplies account as of February 1, 2022, access to the company's financial records is required. Without that information, no accurate balance can be given. However, if you're looking for a general understanding of how to determine an account balance, I can certainly explain that to you.
To find the balance in a company's supplies account, you would typically start with the beginning balance of the account at the start of the period. You would then add any purchases of supplies that were made during the period and subtract any supplies that were used up or expensed during the period. The result would be the ending balance in the supplies account as of the date in question, in this case, February 1, 2022.
It's important to note that this process of adjusting the account balance is part of a broader accounting practice known as reconciliation, which ensures that the account balance reflects all transactions accurately.