Question
During their first year, Antonio and Associates bought $7,500 worth of supplies for their CPA firm. When purchased, the supplies were debited to Office Supplies
During their first year, Antonio and Associates bought $7,500 worth of supplies for their CPA firm. When purchased, the supplies were debited to Office Supplies and credited to Accounts Payable. If $2,250 worth of office supplies is still on hand at month-end, what is the proper adjusting entry? Group of answer choices
A. A debit to Office Supplies Expenses of 5,250 and a credit to Office Supplies of 5,250
B. A debit to Office Supplies Expenses of 2,250 and a credit to Office Supplies of 2,250.
C. A debit to Office Supplies of 5,250 and a credit to Office Supplies Expense of 5,250
D. A debit to Office Supplies of 2,250 and a credit to Office Supplies Expense of 2,250
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