the following supplies account information is available for nabors, inc. beginning balance $1,500 supplies…

the following supplies account information is available for nabors, inc. beginning balance $1,500 supplies expensed 5,000 ending balance 3,000 from the above information, calculate the amount of supplies purchased. a. $5,000 b. $1,500 c. $6,500 d. $3,000

the following supplies account information is available for nabors, inc. beginning balance $1,500 supplies expensed 5,000 ending balance 3,000 from the above information, calculate the amount of supplies purchased. a. $5,000 b. $1,500 c. $6,500 d. $3,000

Answer

Answer:

C. $6,500

Explanation:

Step1: Recall the supplies - account formula

Ending balance = Beginning balance+Purchases - Supplies expensed.

Step2: Rearrange the formula to solve for purchases

Purchases = Ending balance - Beginning balance+Supplies expensed.

Step3: Substitute the given values

Purchases = $3000 - 1500+5000$.

Step4: Calculate the result

Purchases = $6500$.