Suppose Simeon Company Begins the Year with $1,000 in Supplies,purchases

True/False

Suppose Simeon Company begins the year with $1,000 in supplies,purchases an additional $5,500 of supplies during the year,and ends the year with $700 in supplies.The year-end adjusting entry includes Supplies Expense of $7,200.Supplies Expense = beginning ($1,000)+ purchases ($5,500)- ending ($700).