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Office Supplies had a beginning balance of $8,000. During the month, purchases of office supplies totaling $2,000 were added to the Office Supplies account. If

Office Supplies had a beginning balance of $8,000. During the month, purchases of office supplies totaling $2,000 were added to the Office Supplies account. If $3,000 worth of office supplies is still on hand at month-end, what is the proper adjustment?

BALANCE SHEET

INCOME STATEMENT

ASSETS

=

LIABILITIES

+

STOCKHOLDER'S EQUITY

REVENUE

-

EXPENSE

Office Supplies

Office Supplies Expense

A)

-7,000

-7,000

+7,000

B)

+3,000

+3,000

-3,000

C)

-3,000

-3,000

+3,000

D)

+7,000

+7,000

-7,000

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