business accounting

Project Description:

reese company purchased office supplies costing $4,000 and debited office supplies for the full amount. at the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. the appropriate adjusting journal entry to be made at the end of the period would be:




student answer: incorrect debit office supplies expense, $1,600; credit office supplies, $1,600.
debit office supplies, $2,400; credit office supplies expense, $2,400.
correct debit office supplies expense, $2,400; credit office supplies, $2,400.
debit office supplies, $1,600; credit office supplies expense, $1,600
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