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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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