Bee-In-The-Bonnet Company purchased office supplies costing $8,000 and debited Office Supplies for the full amount.At the end of the accounting period, a physical count of office supplies revealed $3,200 still on hand.The appropriate adjusting journal entry to be made at the end of the period would be
A) Debit Office Supplies Expense, $3,200; Credit Office Supplies, $3,200.
B) Debit Office Supplies, $4,800; Credit Office Supplies Expense, $4,800.
C) Debit Office Supplies Expense, $4,800; Credit Office Supplies, $4,800.
D) Debit Office Supplies, $3,200; Credit Office Supplies Expense, $3,200.
Correct Answer:
Verified
Q84: The balance in the office supplies account
Q88: An asset-expense relationship exists with
A) liability accounts.
B)
Q94: Depreciation expense for a period is computed
Q99: Action Real Estate received a check for
Q100: Accrued expenses are
A) paid and recorded in
Q101: Which of the following reflect the balances
Q103: Unearned revenues are
A) received and recorded as
Q112: What is the proper adjusting entry
Q116: Depreciation is the process of
A) valuing an
Q138: Accumulated Depreciation is
A) an expense account.
B) an
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents