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On January 1, Book Store company purchased $500 of office supplies. At the end of January only $200 of office supplies remain. The January 31
On January 1, Book Store company purchased $500 of office supplies. At the end of January only $200 of office supplies remain. The January 31 adjusting entry is recorded
a. office supply expense of $300 will be reported on the January income statement
b. $300 will be reported as the ending balance in the supply account on the 1/31/20x1 balance sheet
c. the Cash account will decrease by $300.
d. accounts payable will be credited for $300.
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