Prior to recording adjusting entries, the Office Supplies account had a $392 debit balance. A physical count of the supplies showed $96 of unused supplies available. The required adjusting entry is:
A. Debit Office Supplies Expense $96 and credit Office Supplies $96.
B. Debit Office Supplies $96 and credit Office Supplies Expense $96
C. Debit Office Supplies Expense $296 and credit Office Supplies $296.
D. Debit Office Supplies $96 and credit Supplies Expense $296.
E. Debit Office Supplies $296 and credit Office Supplies Expense $296.
Answer: C
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