A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,241 of supplies on hand. The general ledger balance before any adjustment is $2,010. What is the adjusting entry for office supplies that should be recorded on May 31? Multiple Choice Debit Supplies Expense $1241 and credit Supplies $1241. Debit Prepaid Supplies $769 and credit Supplies Expense $769. Debit Supplies Expense $1241 and credit Supplies $2010. Debit Supplies $1241 and credit Cash $1241. Debit Supplies Expense $769 and credit Supplies $769.

A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,241 of supplies on hand. The general ledger balance before any adjustment is $2,010. What is the adjusting entry for office supplies that should be recorded on May 31? Multiple Choice Debit Supplies Expense $1241 and credit Supplies $1241. Debit Prepaid Supplies $769 and credit Supplies Expense $769. Debit Supplies Expense $1241 and credit Supplies $2010. Debit Supplies $1241 and credit Cash $1241. Debit Supplies Expense $769 and credit Supplies $769.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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