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Bailey Company purchased supplies on accounts recording the supplies as supplies expense in the amount of $2,000. At the end of the period the inventory
Bailey Company purchased supplies on accounts recording the supplies as supplies expense in the amount of $2,000. At the end of the period the inventory of supplies was $250. The adjusting entry to be recorded would be:
Multiple Choice
A. Debit Supplies Expense and Credit Supplies for $1,750.
B. Debit Supplies Expense and Credit Supplies for $250.
C. Debit Supplies and credit Supplies expense for $250
D. Debit Supplies and credit Supplies expense for $1,750.
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