3. Accrual Accounting Concepts
Adjusting Entries: Supplies
Multiple Choice
Multiple ChoiceA company has $350 in its supplies account at the beginning of the year. Throughout the year, the company purchased an additional $500 worth of supplies, which it recorded to the supplies account. The year-end count of office supplies revealed a remaining balance of $400. The entry to adjust the balance of the supplies account would include:
A
Debit Supplies $450; Credit Supplies Expense $450
B
Debit Supplies Expense $450; Credit Supplies $450
C
Debit Supplies $50; Credit Supplies Expense $50
D
Debit Supplies Expense $50; Credit Supplies $50
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