Adjusting entry for office supplies that should be recorded

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Reference no: EM131264882

A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,258 of supplies on hand. The general ledger balance before any adjustment is $2,180. What is the adjusting entry for office supplies that should be recorded on May 31? Debit Supplies Expense $1258 and credit Supplies $2180. Debit Prepaid Supplies $922 and credit Supplied Expense $922. Debit Supplies Expense $922 and credit Supplies $922. Debit Supplies $1258 and credit Cash $1258. Debit Supplies Expense $1258 and credit Supplies $1258.

Reference no: EM131264882

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Adjusting entry for office supplies that should be recorded : A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,258 of supplies on hand. The general ledger balance before any adjustment is $2,180. What is the adjusting entry for office supplies that should be recorded on May ..

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