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Find the appropriate adjusting journal entry to be made

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Reference no: EM132552246

Question 1: ABC 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

Option 1: debit Office Supplies Expense, $1,600; credit Office Supplies, $1,600.

Option 2: debit Office Supplies, $2,400; credit Office Supplies Expense, $2,400.

Option 3: debit Office Supplies Expense, $2,400; credit Office Supplies, $2,400.

Option 4: debit Office Supplies, $1,600; credit Office Supplies Expense, $1,600.

Reference no: EM132552246

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