Reese Ltd purchased office supplies costing $4,000 and recorded them in the Office supplies account. At the end of the accounting period, a physical count of office supplies revealed only $1,600 left on hand. The appropriate adjustment to be made at the end of the period would be:

Question

Accepted Answer

Debit (increase) Office supplies expense by $2,400 and Credit (decrease) Office supplies by $2,400

Answer

Debit (increase) Office supplies expense by $1,600 and Credit (decrease) Office supplies by $1,600

Answer

Debit (increase) Office supplies by $1,600 and Credit (decrease) Office supplies expense by $1,600

Answer

Debit (increase) Office supplies by $2,400 and Credit (decrease) Office supplies expense by $2,400

Crowdly

Reese Ltd purchased office supplies costing $4,000 and recorded them in the Offi...

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