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At year end, physical count of office supplies reveals that $7,000 of supplies were used up but no adjusting entry was made to account for
At year end, physical count of office supplies reveals that $7,000 of supplies were used up but no adjusting entry was made to account for this. If this omission is found before the books are closed, the adjusting entry to correct the error will include:
A) a debit to Office Supplies Expense
B) a credit to Office Supplies Expense
C) a debit to Inventory
D) none of the above
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