Question

At January 31, 2014, the balance in Aislers Inc.'s supplies account was $250. During February, Aislers purchased supplies of $300 and used supplies of $325. At the end of February, the balance in the supplies account should be ___________.

Answer 1

$225

Explanation:

Remember, from the beginning of Aislers Inc.'s supplies account the balance was $250.

In February, Aislers purchased supplies of $300 = (250+300),

and used supplies of $325= (550-325)

At the end of February balance should be $225 left in their supplies account.

Answer 2

The balance in the supplies account at February ending is $225

Step-by-step explanation:

The balance in the supplies account at the end of February should be comprises of opening inventory of supplies plus the purchases of supplies in the course of the month ,minus the usage of supplies in the month.

Opening inventory of supplies $250

plus purchased of supplies $300

less usage of supplies ($325)

closing inventory of supplies $225

Above all, the balance in the supplies account at the end of February should be $225