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The Office Supplies account had a balance of $1,200 at the end of November. Based on a year-end count, $400 of supplies are on hand
The Office Supplies account had a balance of $1,200 at the end of November. Based on a year-end count, $400 of supplies are on hand at Dec. 31. The company made an adjusting entry to record December Supplies Expense of $3,500. Based on this information, which of the following statements is FALSE?
Multiple Choice
$2,700 of supplies were purchased during December.
Supplies has a $400 debit balance on the Dec. 31 adjusted trial balance.
Supplies expense was debited for $3,500 in December.
Supplies was debited for $400 in December.
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