Singh Inc. purchased office supplies costing $2,500 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,500 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
A) debit Office Supplies Expense, $1,500; credit Office Supplies, $1,500.
B) debit Office Supplies, $2,500; credit Office Supplies Expense, $2,500.
C) debit Office Supplies Expense, $1,000; credit Office Supplies, $1,000.
D) debit Office Supplies, $1,500; credit Office Supplies Expense, $1,500.
Correct Answer:
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