The Supplies account had a $720 debit balance at the end of the accounting period before adjustment for supplies used, and an inventory of $160 of unused supplies was on hand. Which of the following is the required adjusting entry?
A) Debit Supplies Expense $160 and credit Supplies $160.
B) Debit Supplies Expense $560 and credit Supplies $560.
C) Debit Supplies $160 and credit Supplies Expense $160.
D) Debit Supplies $560 and credit Supplies Expense $560.
B
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