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Multiple Choice Question 122 A company purchased office supplies costing $5200 and debited Supplies for the full amount. At the end of the accounting period,

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Multiple Choice Question 122 A company purchased office supplies costing $5200 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $940 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies Expense, $6140; credit Supplies, $6140 debit Supplies, $4260; credit Supplies Expense, $4260. debit Supplies, 5940, credit Supplies Expense, $940. debit Supplies Expense, $4260; credit Supplies, $4260

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