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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
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: Select one: a. Debit Office supplies expense, $2,400; Credit Office supplies, $2,400. b. Debit Office supplies, $1,600; Credit Office supplies expense, $1,600. c. Debit Office supplies expense, $1,600; Credit Office supplies, $1,600. d. Debit Office supplies, $2,400; Credit Office supplies expense, $2,400
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