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Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed OMR1,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be Select one: Ⓒa. Debit Office Supplies Expense, OMR1,000; Credit Office Supplies, OMR1,000. O b. Debit Office Supplies, OMR1,600; Credit Office Supplies Expense, OMR1,600. Debit Off

Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed OMR1,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be Select one: Ⓒa. Debit Office Supplies Expense, OMR1,000; Credit Office Supplies, OMR1,000. O b. Debit Office Supplies, OMR1,600; Credit Office Supplies Expense, OMR1,600. Debit Off

FINANCIAL ACCOUNTING
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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Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed OMR1,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be Select one: Ⓒa. Debit Office Supplies Expense, OMR1,000; Credit Office Supplies, OMR1,000. Ob. Debit Office Supplies, OMR1,600; Credit Office Supplies Expense, OMR1,600. ● c. Debit Office Supplies Expense, OMR1,000; Credit Office Supplies, OMR1,000. O d. None of the answers are correct Oe. Debit Office Supplies, OMR 2,000; Credit Office Supplies Expense, OMR 2,000. Clear my choice
Transcribed Image Text:Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed OMR1,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be Select one: Ⓒa. Debit Office Supplies Expense, OMR1,000; Credit Office Supplies, OMR1,000. Ob. Debit Office Supplies, OMR1,600; Credit Office Supplies Expense, OMR1,600. ● c. Debit Office Supplies Expense, OMR1,000; Credit Office Supplies, OMR1,000. O d. None of the answers are correct Oe. Debit Office Supplies, OMR 2,000; Credit Office Supplies Expense, OMR 2,000. Clear my choice
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