16. Rochester Company purchased supplies costing $6,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $1,200 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be A. Debit Supplies. $4.800; Credit Supplies Expense, 54,800 B. Debit Supplies Expense. S1.200; Credit Supplies, $1,200 C. Debit Supplies. $1.200; Credit Supplies Expense, $1,200 D. Debit Supplies Expense, S4,800; Credit Supplies, 84,800 17. Accumulated Depreciation is A. an expense account B. a revenue account. C. a contra asset account. D. a liability account 18. Auburn Hills Company purchased equipment for $7,200 on December 1. It is estimated that annual depreciation on the equipment will be $720. If financial statements are to be prepared on December 31, the company should make the following adjusting entry on December 31: A. Debit Depreciation Expense, S720; Credit Accumulated Depreciation, 5720 B. Debit Depreciation Expense, S6,480; Credit Accumulated Depreciation, $6,480, C. Debit Depreciation Expense, 560; Credit Accumulated Depreciation, $60. D. Debit Equipment, S7,200; Credit Accumulated Depreciation, S7,200