8 The opening balance of supplies is $ 5 0 0 , cost of purchased during the period is $ 1 , 5 0 0 The result of stock count at the year end shows only $ 4 0 0 inventory on hand After adjusting entries had been made and posted, what is the closing entry for supplies expense during the period A Dr Supplies expense for $ 5 0 0 and Cr Income Summary for $ 5 0 0 B Dr Supplies expense for $ 2 , 0 0 0 and Cr Income Summary for $ 2 , 0 0 0 C Dr Income Summary for $ 4 0 0 and Cr Supplies expense for $ 4 0 0 D Dr Supplies expense for $ 1 , 6 0 0 and Cr Income Summary for 1 , 6 0 0 E Dr Income Summary for $ 1 , 6 0 0 and Cr Supplies expense for $ 1 , 6 0 0

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8   The opening balance of supplies is $ 5 0 0 , cost of purchased during the period is $ 1 , 5 0 0   The result of stock count at the year   end shows only $ 4 0 0 inventory on hand  After adjusting entries had been made and posted, what is the closing entry for supplies expense during the period  A   Dr   Supplies expense for $ 5 0 0 and Cr   Income Summary for $ 5 0 0   B   Dr   Supplies expense for $ 2 , 0 0 0 and Cr   Income Summary for $ 2 , 0 0 0   C   Dr   Income Summary for $ 4 0 0 and Cr   Supplies expense for $ 4 0 0   D   Dr   Supplies expense for $ 1 , 6 0 0 and Cr   Income Summary for 1 , 6 0 0   E   Dr   Income Summary for $ 1 , 6 0 0 and Cr   Supplies expense for $ 1 , 6 0 0

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8 . The opening balance of supplies is $ 5 0 0 , cost of purchased during the period is $ 1 , 5 0

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