Question
Quirk Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count
Quirk Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2,400 decrease in office supplies on hand. The appropriate adjusting journal entry to be made at the end of the period would be*
Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400.
Debit Office Supplies, $3,600; Credit Office Supplies Expense, $3,600.
Debit Office Supplies Expense, $3,600; Credit Office Supplies, $3,600.
Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400.
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