Reference no: EM13136927
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:
a) Debit Office Supplies Expense, $1,600; Credit Office Supplies, $1,600.
b) Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400.
c) Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400.
d) Debit Office Supplies, $1,600; Credit Office Supplies Expense, $1,600.
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