Adjusting Entries: Supplies Video Lessons

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Problem: Wong 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 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be a. Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400. b. Debit Office Supplies, $3,600; Credit Office Supplies Expense, $3,600. c. Debit Office Supplies Expense, $3,600; Credit Office Supplies, $3,600. d. Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400.

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Problem Details

Wong 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 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

a. Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400.

b. Debit Office Supplies, $3,600; Credit Office Supplies Expense, $3,600.

c. Debit Office Supplies Expense, $3,600; Credit Office Supplies, $3,600.

d. Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400.

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Based on our data, we think this problem is relevant for Professor Dai's class at USF.