The Balance in the Office Supplies Account Had a Debit

question 152

Multiple Choice

The balance in the Office Supplies account had a debit balance on January 1, 2019, that equalled the $240 of supplies on hand. During the year, the company purchased $4,200 of supplies that were debited to the Office Supplies Expense account. The proprietor estimates that the cost of supplies remaining on hand on December 31 is $960. What is the required adjusting journal entry on December 31?

• A) \[\begin{array} { | c | c | }
• \hline \text { Dr. Office Supplies Expense } & 3,480 \\
• \hline \text { Cr. Office Supplies } & 3,480 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | c | }
• \hline \text { Dr. Office Supplies Expense } & 960 \\
• \hline \text { Cr. Office Supplies } & 960 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | c | }
• \hline \text { Dr. Office Supplies } & 3,480 \\
• \hline \text { Cr. Office Supplies } & \\
• \text { Expense } & 3,480 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | c | }
• \hline \text { Dr. Office Supplies } & 720 \\
• \hline \text { Cr. Office Supplies } & 720 \\
• \text { Expense } & \\
• \hline
• \end{array}\]

Understand the concept and implications of ethical dilemmas in professional environments.

Identify and analyze ethical issues related to discrimination and sexual harassment in the workplace.

Recognize ethical universalism and its application across cultures.

Articulate the significance of core values such as human dignity and basic rights in transcultural ethics.

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Definitions:

Compound

A substance made up of two or more elements chemically combined in fixed ratios.

Reaction

A process in which chemical substances interact, leading to the rearrangement of their atomic connectivity and the formation of different substances.

Compound

A substance formed from two or more elements that are chemically combined in fixed proportions.

Common Name

A non-scientific or traditional name given to a substance or organism, often simpler and more widely used than its official name.