Question

If the following are the only accounts of Jones Supply Company, what is the missing Supplies balance? Cash: $8,400 Supplies: ????? Accounts Payable: $4,000 Alan Jones, Capital: $9,260

Answer 1

4860$ MARK BRAILYEST

Step-by-step explanation:

To find the missing Supplies balance, you can use the accounting equation:

Assets = Liabilities + Owner's Equity

In this case, you have:

Assets (Cash + Supplies) = Liabilities (Accounts Payable) + Owner's Equity (Alan Jones, Capital)

You know the values for Cash, Accounts Payable, and Alan Jones, Capital:

Cash: $8,400

Accounts Payable: $4,000

Alan Jones, Capital: $9,260

Now, you need to find the missing Supplies balance:

Assets (Cash + Supplies) = Liabilities (Accounts Payable) + Owner's Equity (Alan Jones, Capital)

$8,400 + Supplies = $4,000 + $9,260

Now, rearrange the equation to solve for Supplies:

Supplies = ($4,000 + $9,260) - $8,400

Supplies = $13,260 - $8,400

Supplies = $4,860

So, the missing Supplies balance is $4,860.