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Question 9 Reese Ltd purchased office supplies costing $4 000 and debited Office Supplies for the full amount. At the end of the accounting period,
Question 9 Reese Ltd purchased office supplies costing $4 000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1 600 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: Debit Office Supplies, $1,600; Credit Office Supplies Expense, $1,600. Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400. Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400. Debit Office Supplies Expense, $1,600; Credit Office Supplies, $1,600
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