Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physical count of
Question:
Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physical count of supplies shows $125 of unused supplies still available. The required adjusting entry is
a. Debit Supplies $125; credit Supplies Expense $125.
b. Debit Supplies $325; credit Supplies Expense $325.
c. Debit Supplies Expense $325; credit Supplies $325.
d. Debit Supplies Expense $325; credit Supplies $125.
e. Debit Supplies Expense $125; credit Supplies $125.
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