At the Beginning of the Fiscal Year,office Supplies Inventory Amounted

question 35

Multiple Choice

At the beginning of the fiscal year,office supplies inventory amounted to $600.During the year,office supplies amounting to $8,800 were purchased.This amount was debited to office supplies expense.An inventory of office supplies at the end of the fiscal year showed $400 of supplies remaining.The beginning of the year balance is still reflected in the office supplies inventory account.What is the required amount of the adjustment to the office supplies expense account?

• A) $9,000 debit
• B) $200 debit
• C) $8,400 credit
• D) $8,800 credit

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Definitions:

Negligence

The failure to exercise the care that a reasonably prudent person would exercise in similar circumstances, leading to harm or damage.

Professional Misconduct

Inappropriate or unethical behavior by a professional in their line of work, violating professional ethics or standards.

Commission of Crime

The act of carrying out or committing a criminal act.

Duty of Care

A legal obligation which requires individuals or organizations to exercise reasonable care towards others, to avoid causing harm or risking safety.